【Hong Kong Stock Market】Hang Seng Index drops 500 points, Kuaishou shares plunge 14%, China Life down 9%, Meituan and Alibaba fall 4%, Pop Mart drops another 10% (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. It then trended 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) declined over 13%, Alibaba (09988) fell more than 3%, Meituan (03690) retreated 3%, China Life (02628) dropped nearly 8%, Pop Mart (09992) fell over 9%.

Financial Daily:

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Market Trends:

【14:42】【02628】China Life’s total investment income last year increased by 26%. This year, focus on three major directions for equity investments, with minimal overseas exposure.

【14:32】Hang Seng Index latest down nearly 500 points, at 24,850, down 485 points, with HKD 195.6 billion in turnover. The Tech Index fell 3.1% to 4,769.

【14:05】Pop Mart (09992) fell over 11%, breaking below HKD 150, low at HKD 149.3.

【13:43】Xiaomi (01810) stock steadied against the trend, up 0.5%, reaching HKD 33.18.

【13:36】【152 Earnings】Shenzhen International’s stock plunged 13%, net profit down 22% year-on-year to HKD 2.25 billion. Final dividend reduced by 23% to HKD 0.46, with an option to take stock dividends.

【13:34】【GAP】Gap plans to return to Hong Kong within the year, with plans to open 50 stores in mainland China.

【13:29】 Hang Seng Index in the afternoon fell 500 points, Kuaishou dropped 13%, China Life down 9%, Alibaba and Meituan declined over 4%.

【13:01】Hang Seng Index in early afternoon fell about 335 points, struggling to hold above 25,000.

【12:53】【881 Earnings】Zhongsheng’s profit turned loss last year, with a loss of RMB 1.673 billion, no final dividend. The two founders will reduce their salary to HKD 1 in 2026 to show commitment.

【12:49】【Food Delivery Stocks Analysis】 Meituan and Alibaba retreated 3%. Analysis: The food delivery war’s end remains uncertain. If the era of burning cash for subsidies ends, Meituan will benefit most.

【12:42】【09992 Analysis】 Pop Mart’s stock continued to fall 9%, with major banks lowering target prices. Analysis: Management’s growth targets are too low, revenue is concentrated in Labubu.

【12:37】【1368 Earnings】Xtep’s full-year profit increased nearly 11%, with the final dividend maintained at HKD 0.095.

【12:31】【1475 Earnings】Nissin Foods’ full-year net profit rose nearly 65% to HKD 330 million, with a final dividend of HKD 0.158.

【12:00】 Hang Seng half-day down 347 points to 24,988, with HKD 136.73 billion in turnover. Tech Index down 2.1% to 4,817. Kuaishou (01024) fell over 13%, Alibaba (09988) down more than 3%, Meituan (03690) retreated 3%, China Life (02628) down nearly 8%, Pop Mart (09992) dropped over 9%.

【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 plunged nearly 14% after earnings; Nomura lowered target price. Analysis: Concerns over AI capital expenditure, “more than what can actually be earned.”

【11:17】【Index ETF】E Fund Asia Semiconductor ETF listed Thursday, initial subscription scale in billions.

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

【10:57】【MPF】MPF ratings: In March, average MPF loss per person was HKD 21,542. Advises to stay calm and diversify investments.

【10:38】Kingsoft (03888) rose over 8% against the trend, high at HKD 25.1.

【3888 Earnings】Kingsoft’s profit last year increased 29% to RMB 2 billion; final dividend reduced by 13% to HKD 0.13.

【10:29】Hong Kong stocks early in the session fell about 350 points, breaking below 25,000, low at 24,975.

【10:27】【09992】Pop Mart’s stock fell another 10% early, with over 1,000 buy orders at HKD 150.

【10:16】【815 Earnings】China Silver’s stock dropped over 6% after earnings; last year profit surged over 57 times, no dividend.

【10:16】Hang Seng Index latest down about 300 points, low at 25,034, testing support at 25,000. Kuaishou (01024) down over 12%, China Life (02628) down nearly 6%.

【09:58】Meituan (03690), which surged yesterday, will announce earnings today. Stock retreated 3%, low at HKD 87.2.

【09:51】Market early in the session down about 200 points, at 25,134.

【09:43】IGG (00799) rose over 20% against the trend, high at HKD 3.63.

【Mobile Game Stocks 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, with new business value up 36% year-on-year.

【09:39】TVB (00511) rose over 1% after earnings, high at HKD 2.93 in early trading.

【TVB 00511】Last year, TVB turned profitable with HKD 59 million, no dividend. Executive says AI helped reduce production costs by 30%, rebranded as “Wireless Group” to reflect multi-platform entertainment positioning (second edition).

【09:33】【09992】Pop Mart opened with nearly a 10% decline, low at HKD 152.

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

【09:10】 Hang Seng Futures opened down about 17 points, at 25,255.

【08:04】【Xi-Trump Meeting】White House announces Trump’s visit to China on May 14-15; Xi Jinping will visit Washington later this year.

【07:49】【6682】Paradigm Intelligence plans to issue A-shares and list on Shenzhen Stock Exchange after receiving guidance.

【07:45】【Morning Brief】Pop Mart’s stock plunged over 22%, net profit nearly tripled last year; Kuaishou’s 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, with the Chinese concept stock index up 1.9% at 6,897. JD.com (09618) rose 3%.

| ADR | HKD Equivalent | Change from HK Market Close | | Meituan ADR | 89.29 | -0.79% | | Tencent ADR | 503.19 | -0.46% | | HSBC ADR | 127.00 | +1.60% | | Alibaba (US) | 126.92 | -1.54% |

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【07:30】White House Press Secretary Karoline Leavitt announced Wednesday that President Trump and Chinese President Xi Jinping will meet in Beijing on May 14-15; market expects this schedule to signal the US anticipates the Middle East war to end around mid-May, with US stocks rebounding sharply on Wednesday. Dow Jones rose up to 594 points, but war negotiations remain uncertain. The close saw Dow up 305 points at 46,429; S&P 500 up 0.54%; Nasdaq up 0.77%; China concept stocks’ Golden Dragon Index up 1.86%.

See US stock market close:

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Hong Kong stocks yesterday, for details see: 【Hong Kong Stocks Night Futures + ADR + Northbound Funds】 JD.com US stocks up 3%, night futures down 102 points