[Hong Kong Stock Market] Hang Seng Index drops 347 points in the first half-day, losing the 25,000 mark again. Kuaishou shares plunge over 13%, China Life drops nearly 8%. Meituan pre-earnings down 3%. Pop Mart continues to decline (updating continuously).

【Hang Seng Index / Hang Seng Index / HSIC / Hang Seng / HSI / Hong Kong Stocks / Night Futures / ADR】Hong Kong stocks fell nearly 350 points, with the Hang Seng Index opening down 68 points at 25,267. The trend then moved downward, with the Hang Seng half-day down 347 points to 24,988, with a turnover of HKD 136.73 billion. The Tech Index dropped 2.1% to 4,817 points. Kuaishou (01024) fell over 13%, Alibaba (09988) declined more than 3%, Meituan (03690) retreated 3%, China Life (02628) dropped nearly 8%, Bubble Mart (09992) fell over 9% again.

Financial Daily:

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Real-time Market:

[12:00] The Hang Seng half-day down 347 points, at 24,988, with a turnover of HKD 136.73 billion. The Tech Index fell 2.1% to 4,817 points. Kuaishou (01024) dropped over 13%, Alibaba (09988) declined more than 3%, Meituan (03690) retreated 3%, China Life (02628) fell nearly 8%, Bubble Mart (09992) dropped over 9% again.

[11:34] [2319 Earnings] Mengniu expects revenue to rebound this year with single-digit growth target. Why did net profit surge nearly 14 times last year?

[11:29] [1024 Analysis] Kuaishou shares plummeted nearly 14% after earnings; Nomura cuts target price. Analysis: Concerns over AI capital expenditure—“actually much more than the profits can justify.”

[11:17] [Index ETF] E Fund Asia Semiconductor ETF listed Thursday, initial subscription scale in the billions.

[11:06] The market further declined, latest down about 400 points to 24,935, with HKD 112.9 billion in turnover. The Tech Index fell 2.4% to 4,805. Kuaishou (01024) dropped over 13%, Alibaba (09988) down 4%, Meituan (03690) retreated over 3%, China Life (02628) and Bubble Mart (09992) fell over 7%.

[10:57] [MPF] Fund rating: In March, the average MPF loss per person was HKD 21,542. Maintain calm and diversify investments.

[10:38] Kingsoft (03888) rose over 8% against the trend, reaching HKD 25.1.

[3888 Earnings] Kingsoft’s profit rose 29% to RMB 2 billion last year; final dividend reduced by 13% to HKD 0.13.

[10:29] Hong Kong stocks fell about 350 points early, breaking below 25,000, with a low of 24,975.

[10:27] Bubble Mart (09992) shares fell another 10% early, with over 1,000 buy orders queued at HKD 150 to bottom out.

[10:16] China Silver (815) earnings fell over 6% after surging more than 57 times last year; no dividend.

[10:16] The Hang Seng Index latest down about 300 points, at 25,034, testing the 25,000 support level. Kuaishou (01024) down over 12%, China Life (02628) down nearly 6%.

[09:58] Meituan (03690), which surged yesterday, will announce earnings today. Shares retreated 3% before the results, low at HKD 87.2.

[09:51] The market early declined about 200 points, at 25,134.

[09:43] IGG (00799) rose over 20% against the trend, reaching HKD 3.63.

[Mobile Game Stock 799 Earnings] IGG’s full-year net profit fell less than 0.1%, with total special dividends of HKD 0.544.

[09:40] China Life (02628) fell over 3% after earnings, low at HKD 26.38.

[2628 Earnings] China Life’s final dividend increased 37% to RMB 0.618; new business value up 36% year-on-year.

[09:39] TVB (00511) rose over 1% after earnings, reaching HKD 2.93 early in the session.

[TVB 511] Last year, TVB turned a profit of HKD 59 million and paid no dividend. Executive comments: AI helped reduce production costs by 30%, rebranding as “Wireless Group” reflects multi-platform entertainment media positioning (second edition).

[09:33] Bubble Mart (09992) briefly fell nearly 10% after market open, low at HKD 152.

[09:22] The Hang Seng Index opened 68 points lower, at 25,267, with HKD 3.83 billion in turnover. The Tech Index fell 0.7% to 4,889. Kuaishou (01024) nearly 10% down after earnings; Bubble Mart (09992) continued to weaken, down another 1%. JD.com (09618) rose over 2% against the trend.

[09:10] The Hang Seng Futures opened down about 17 points, at 25,255.

[08:04] [Xi-Trump Meeting] White House announces Trump will visit China on May 14-15; Xi Jinping will visit Washington later this year.

[07:49] [6682] Paradigm Intelligent plans to issue A-shares and list on the Shenzhen Stock Exchange after receiving guidance.

[07:45] [Morning Focus] Bubble Mart shares plunged over 22%, net profit nearly tripled last year; Kuaishou Q4 adjusted profit HKD 5.46 billion exceeded expectations; Gemini fully unblocked in Hong Kong, successfully tested.

[07:45] Night futures closed down 102 points, at 25,268; Chinese concept stocks rose 1.9%, closing at 6,897; JD.com US stocks up 3%.

| ADR | HKD Equivalent | Change from Hong Kong Close | | Meituan ADR | 89.29 | -0.79% | | Tencent ADR | 503.19 | -0.46% | | HSBC ADR | 127.00 | +1.60% | | Alibaba US Stock | 126.92 | -1.54% |

More Hong Kong ADRs and Chinese concept stock quotes:

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[07:30] White House Press Secretary Karoline Leavitt announced Wednesday that President Trump will meet with Chinese President Xi Jinping in Beijing on May 14-15; markets anticipate this schedule indicates the US expects the Middle East war to end around mid-May. US stocks rebounded sharply Wednesday, with the Dow Jones up as much as 594 points, though negotiations remain uncertain. The Dow closed up 305 points at 46,429; the S&P 500 rose 0.54%; the Nasdaq gained 0.77%. The Golden Dragon Index, reflecting Chinese concept stocks, rose 1.86%.

See US stock market close:

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