To The Moon

Last week, the Hong Kong stock market held steady with the $HSI(HSI)$ dipping a mere 1.42%.

News-wise, it was a busy week! Domestically, the Two Sessions kicked off, and the Government Work Report set a GDP growth target of around 5% for 2024, which was right in line with market expectations. Governor Pan Gongsheng of the People's Bank of China hinted at further reserve requirement ratio cuts during the Two Sessions. On Thursday, the General Administration of Customs announced that China's total import and export value for the first two months of this year hit 6.61 trillion yuan, a year-on-year increase of 8.7%, exceeding market expectations.

Overseas, the US Senate Committee on Homeland Security and Governmental Affairs passed a Biosecurity Act with a vote of 11 to 1, which could potentially restrict business dealings with Chinese biotech companies like $Bgi Genomics Co.,Ltd.(300676)$ and $WUXI APPTEC(02359)$ due to national security concerns. Shares of WuXi-related companies tanked, dragging down Hong Kong's healthcare sector.

Southbound funds made a whopping net purchase of HK $17.1 billion last week!

As for sectors, healthcare took the worst hit, falling 3.6% and ranking at the bottom of Hong Kong stocks. It's been one of the worst-performing sectors in the past three years!

Next week, China will release its M2 financial data, and the US will announce its February CPI, which could have a significant impact on Hong Kong stocks.

Key Events in Hong Kong Stocks Last Week

1. The Two Sessions kicked off;

2. International gold prices hit a new high;

3. Hong Kong's property market heated up;

4. Hong Kong shares hit a nine-year low due to $CHINA VANKE(02202)$ 's debt turmoil;

5. The Government Work Report set a GDP growth target of around 5%;

6. MEGA market performance is not as expected, $LI AUTO-W(02015)$ shares fell sharply;

7. $NIO-SW(09866)$ reported revenue of 17.1 billion yuan in the fourth quarter, up 6.5% year-on-year;

8. The share price of "first humanoid robot stock" $UBTECH ROBOTICS(09880)$ soared;

9. $Apple(AAPL)$ sales downturn at the beginning of the year, dragging down related stocks;

10. The governor of the People's Bank of China said that China's banking industry's deposit reserve ratio averages 7%, and there's still room for further cuts;

11. $JD-SW(09618)$ released four seasons report and announced huge buyback plan;

12. The US Senate Committee on Homeland Security and Governmental Affairs passed the Biosecurity Act with a vote of 11 to 1!

13. In the first two months of this year, the total value of China's import and export of goods was 6.61 trillion yuan, up 8.7% year on year;

14. Powell said we're not far from having confidence to cut interest rates;

15. $BILIBILI-W(09626)$ reported a narrower net loss last year but a decline in gaming revenue;

Four Stocks Worth Attention Among Top Trading HK Stocks Last Week

Top 4: $JD-SW(09618)$ . The company released its fourth-quarter report, with revenue reaching 306.1 billion yuan (about $43.1 billion), an increase of 3.6% year on year, threw out $3.63 billion share repurchase plan, sending its shares soaring;

Top 6: $LI AUTO-W(02015)$ . On March 1st, the company launched its new car, MEGA, but later, rumors of dismal sales figures emerged, causing its shares to plummet!

Top 7: $UBTECH ROBOTICS(09880)$ . Dubbed "the first humanoid robot stock," UBTech's shares skyrocketed last week, drawing market attention!

Top 10: $WUXI APPTEC(02359)$ . The US Senate Committee on Homeland Security and Governmental Affairs passed the Biosecurity Act, involving WuXi AppTec and $WUXI BIO(02269)$ , causing their shares to tumble.

This week's Hong Kong stock market events

1.On Tuesday, China will release its M2, new loans, and social financing data.

2. On Tuesday, the US will announce its February CPI data, with economists expecting a year-on-year increase of 3.1%.