Hong Kong stocks continued to decline last week, with the $HSI(HSI)$ plummeting 5.76%, breaking below the 16,000 mark, and approaching the lowest point during the COVID-19 pandemic in October 2022!
Domestically, A-shares also saw sharp declines, with the $SHANGHAI COMPOSITE INDEX EXCHANGE-TRADED FUND(510210)$ briefly falling nearly 3% last Thursday before turning red amid suspected state intervention, but the fatigue was evident.
In terms of major domestic and overseas events, Trump won the intra-party primary in Iowa, leading some to fear his comeback and potential escalation in trade, causing heavy losses for Chinese stocks listed in the U.S.
Back in China, the National Bureau of Statistics released mixed data on GDP, unemployment, retail sales, and birth rates on Wednesday, but it failed to halt the downward trend.
Across all sectors, there was a bleak picture of declines last week:
Southbound funds recorded a significant net inflow of HK$14.7 billion last week.
Key Events in Hong Kong Stocks Last Week
1. A rare price cut promotion by $Apple(AAPL)$ led to a decline in Hong Kong's Apple supply chain stocks;
2. A domestic research lab tested an AI system on $BIDU-SW(09888)$ Wenxin large model, and its share price fell 11.5% during the day;
3. $YH ENT(02306)$ experienced a flash crash;
4. According to data released by the National Bureau of Statistics, the sales price of second-hand residential houses in all cities fell month-on-month and the year-on-year decline widened in December;
5. $MEITUAN-W(03690)$ $MEITUAN(MPNGF)$ fell below the issue price, and its market value evaporated 80% from the peak;
6. Short selling accounted for more than 25% of the Hong Kong stock market;
7. Total retail sales of consumer goods increased by 7.4% in December 2023;
8. China's economy grew by 5.2% in 2023, exceeding the target;
9. There were 9.02 million births and 11.1 million deaths in China in 2023.
Four Stocks Worth Attention Among Top Trading HK Stocks Last Week
Top2: $MEITUAN-W(03690)$ $MEITUAN(MPNGF)$ , on January 17, Hong Kong-listed Meituan fell 6.97% to HK $68.75 / share, which has fallen below the issue price (listing price of HK $69), a new low in four years;
Top5: $Baidu(BIDU)$ $BIDU-SW(09888)$ , Baidu shares plummeted after it was reported that a research lab with mainland military background used Baidu's Wenxin model for military research;
Top6: $YH ENT(02306)$ , Yuehua Entertainment, which has a connection to Wang Yibo, collapsed with a share price plunge of over 80%, and there were no apparent negatives in the market;
Top9: $NIO Inc.(NIO)$ $NIO Inc.(NIO.SI)$ $NIO-SW(09866)$ , the new energy vehicle sector performed poorly last week, the stock price fell continuously. The sales volume of the opening year was lower than market expectations, and the share price of NIO hit a new low since the listing of Hong Kong stocks!
This week's Hong Kong stock market events
1. On Monday, the People's Bank of China will release the January loan market quotation rate (LPR), focusing on whether it will cut interest rates;
2. Us stocks enter the earnings season, $ASML Holding NV(ASML)$ $Tesla Motors(TSLA)$ and other giants will announce earnings, or have an impact on related sectors:
Comments