Hong Kong's three major stock indices closed lower collectively. By the market close, the Hang Seng Index had fallen by 1.11%, the Hang Seng Tech Index dropped by 1.95%, and the HSCEI declined by 1.07%. In terms of sector performance, most internet technology stocks declined, with NetEase falling over 2%, and Tencent, Bilibili, Kuaishou, and JD.com all dropping more than 1%. Lenovo bucked the trend, rising over 1%. Mainland property stocks were among the biggest decliners, with Longfor Group plunging over 7%. Automotive stocks weakened, with Li Auto tumbling more than 14%. The pork concept sector continued its adjustment, with Muyuan Foods down over 3%. ROBOTPHOENIX saw a strong debut, surging over 76% on its first trading day.
Mainland property stocks led the declines, with Longfor Group dropping over 7%. Data released by the National Bureau of Statistics showed that national real estate development investment from January to April fell by 13.7% year-on-year, worse than the market expectation of an 11.5% decline. This "expectation gap" directly dampened market optimism. Concurrently, the year-on-year decline in new home prices across 70 major cities widened to 3.5% in April, marking the largest drop in 11 months. Although the month-on-month decline narrowed to 0.1%, the pattern of "trading price for volume" has not fundamentally changed. Analysis suggests that April sales data showed a slight sequential pullback, indicating "structural differentiation" in the market. Demand in the secondary (resale) market is expected to continue improving, while the primary (new home) market is projected to remain largely stable. In the medium to long term, state-owned developers with stronger sales execution, such as China Resources Land and Yuexiu Property, remain favored.
Automotive stocks weakened, with Li Auto falling over 14%. Recently, several fuel-powered vehicle models have initiated simultaneous price cuts in the market. Notably, on May 15th, Changan Automobile launched its Yidong Classic Edition at a price of 64,900 yuan, a 26% reduction from the suggested retail price of 87,900 yuan. The latest data disclosed by industry analysts shows that in April, the average price reduction for conventional fuel-powered new car models, with an average price of 131,000 yuan, reached 23,000 yuan arithmetically, representing a discount intensity of 17.2%. It's worth noting that the latest industry data indicates nationwide passenger vehicle retail sales in April were 1.384 million units, down 21.5% year-on-year and 16% month-on-month.
The pork concept sector continued its adjustment, with Muyuan Foods down over 3%. As of April 2026, the combined monthly slaughter volume of major listed pig farming enterprises reached 16.603 million head, a year-on-year increase of 0.50%, indicating continued expansion in output. Muyuan Foods's fully allocated cost decreased by 7.25% year-on-year, but with live hog prices falling below the cost line, the industry has entered a state of comprehensive losses. Deep losses are expected to force inefficient capacity out of the market, potentially leading to increased industry concentration.
ROBOTPHOENIX surged over 76% on its first trading day. During the public offering phase, ROBOTPHOENIX was oversubscribed by approximately 14,855.4 times. The final number of shares allocated for public offering was 4.92 million shares, representing about 20% of the total shares offered. The company received approximately 330,300 valid applications in total, with about 48,611 applications accepted. The approximate percentage of successful allotment for one board lot applicants relative to the total number of shares applied for was 3%.
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