The timing of the Hong Kong and mainland China stock markets is not always synchronized.
This year, the Hong Kong stock market has already stabilized and rebounded for two to three quarters, and many leading stocks in Hong Kong have seen considerable increases. Tencent, Ctrip, Meituan, and others are no exception. From a domestic perspective, it may seem that the pullback of leading stocks in Hong Kong is quite deep, but looking back over a longer period of time will provide a more comprehensive and objective view.
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