To The Moon

Hong Kong stocks didn't fare well last week, with $HSI(HSI)$ falling 1.32% and $HSTECH(HSTECH)$ dropping 2.65%.

On the news front, Hong Kong stocks witnessed some heavy-weight financial reports last week, including $TENCENT(00700)$ $Tencent Holding Ltd.(TCEHY)$ $KUAISHOU-W(01024)$ $XIAOMI-W(01810)$ $Xiaomi Corp.(XIACY)$ $MEITUAN-W(03690)$ $MEITUAN(MPNGF)$. But the market didn't seem too impressed. Even Tencent's announcement of doubling its share buyback to HK $100 billion in 2024 will not help!

Overseas, the Fed kept rates unchanged last week but expects three rate cuts this year. Meanwhile, the US stock market hit new highs!

Despite a lackluster earnings season, southbound funds went crazy, scooping up a whopping HK $35.56 billion last week, only on Friday a day to buy 14.54 billion, the inflow scale hit a recent record:

But alas, it wasn't enough to stop Hong Kong stocks from sliding. Healthcare and real estate led the decline again, while low-risk sectors like telecom services and utilities managed to squeeze out small gains.

Key Events in Hong Kong Stocks Last Week

1. $EVERGRANDE(03333)$ 's two-year financial fraud revealed, with inflated revenues of 564 billion yuan and profits of 92 billion yuan;

2. MEGA sales didn't hit the mark, and $Li Auto(LI)$ $LI AUTO-W(02015)$ slashed its sales target, sending its stock tumbling;

3. $XPeng Inc.(XPEV)$ $XPENG-W(09868)$ released financial results for the fourth quarter of 2023, with a revenue of 13.05 billion yuan, compared with 5.14 billion yuan in the same period last year;

4. $XIAOMI-W(01810)$ $Xiaomi Corp.(XIACY)$ released financial results, 2023 net profit doubled;

5. LPR remained unchanged in March;

6. $TENCENT(00700)$ $Tencent Holding Ltd.(TCEHY)$ released its financial report for the fourth quarter of 2023, with a revenue of 155.2 billion yuan, up 7% year-on-year, and announced that the amount of buyback in 2024 would increase to HK $100 billion;

7. $KUAISHOU-W(01024)$ $KUAISHOU TECHNOLOGY(KUASF)$ released the financial report of the fourth quarter of 2023, with total revenues of 32.6 billion yuan, up 15.1% year-on-year.

8. $Alibaba(BABA)$ $Alibaba(09988)$ sells down stakes in $XPeng Inc.(XPEV)$ $XPENG-W(09868)$ and $Bilibili Inc.(BILI)$ $BILIBILI-W(09626)$ ;

9. $CNOOC(00883)$ 's earnings slipped, sending its Hong Kong shares fell more than 6%;

10. The Federal Reserve left interest rates unchanged, still signaling three rate cuts this year.

Four Stocks Worth Attention Among Top Trading HK Stocks Last Week

Top 1: $XIAOMI-W(01810)$ $Xiaomi Corp.(XIACY)$ . After announcing its fourth-quarter results, Xiaomi's revenue grew for the second consecutive quarter to 73.2 billion yuan, up 10.9% year-on-year. Xiaomi's electric car will be officially unveiled this Thursday, and Lei Jun still aims to sell it for over 250,000 yuan!

Top 2: $TENCENT(00700)$ $Tencent Holding Ltd.(TCEHY)$ . Despite a ho-hum earnings report, Tencent announced a doubling of its share buyback to HK $100 billion!

Top 4: $Li Auto(LI)$ $LI AUTO-W(02015)$ . The company slashed its first-quarter sales forecast, sending its stock into a tailspin.

Top 10: $QYUNS-B(02509)$ . Listed on the Hong Kong Stock Exchange last Wednesday, its shares surged 23.7% on the first day of trading.

This week's Hong Kong stock market events

1. $BYD Co., Ltd.(BYDDF)$ $BYD COMPANY(01211)$ $NONGFU SPRING(09633)$ $SMIC(00981)$ and other companies will release financial results this week;

2. U.S. markets will be closed this Friday for Good Friday.