[Hong Kong Stock Market] Hang Seng Index rebounds 137 points in the first half to test the 25,000 level; Meituan shares rise 1% after earnings, BYD up 4% before earnings; Pop Mart stabilizes after decline (updating continuously)

【Hang Seng Index/Hang Seng Index/HSI/Hang Seng Index/Hong Kong Stocks/Night Futures/ADR】Hong Kong stocks opened lower but rebounded by over a hundred points. The Hang Seng Index opened down 87 points at 24,768 points, then reversed direction, rising 137 points to 24,993 points, just a step away from 25,000. The turnover was 135.78 billion HKD, and the tech index rose 1% to 4,811 points. Meituan (03690) rose over 1% after its results, and BYD (01211) rose over 4% before its results. Pop Mart (09992) allocated nearly 600 million HKD for buybacks, with its stock price rebounding by 0.9%.

U.S. stock market updates continuously, for details please see: Next page

Financial Journal:

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Market Dynamics:

[12:00] The Hang Seng Index rebounded 137 points to 24,993 points, just a step away from 25,000, with a turnover of 135.78 billion HKD. The tech index rose 1% to 4,811 points. Meituan (03690) rose over 1% after its results, and BYD (01211) rose over 4% before its results. Pop Mart (09992) allocated nearly 600 million HKD for buybacks, with its stock price rebounding by 0.9%.

[11:57][883 Analysis] CNOOC fell over 1% after its results, with Citi raising its target price. Analysis: “Its biggest advantage is its sharp extraction costs,” and with current oil prices at 100 USD, profits should be decent.

[11:52][Resource Stock Performance] Nanshan Aluminum International’s profits rose 1% last year, but alumina prices continued to fall, putting pressure on business in the first half.

[11:40] The market’s gains expanded to over a hundred points, peaking at 24,975 points, attempting to reclaim the 25,000-point mark.

[11:23] Before the lunch break, the Hang Seng Index rose about 43 points, touching 24,900 points.

[11:17][3690 Analysis] Meituan rose about 2% after its results, with Citi upgrading its rating and target price. Analysis: Current levels are “very cheap,” but business is expected to “not perform particularly well” in the next two to three quarters.

[10:58] BYD (01211) rose over 4%, reaching a high of 107.7 HKD.

[10:47] Meituan (03690) shifted to a rise of 3%, reaching a high of 90.7 HKD, driving the market to rebound by about 80 points, reporting 24,935 points with a turnover of 98.9 billion HKD. The tech index rose 0.9% to 4,805 points.

[10:42][9992] Pop Mart’s stock price stopped bleeding and rebounded by 4%, allocating nearly 600 million HKD for buybacks. After the results were announced, it accumulated a drop of 30% over two days.

[10:24] MINIMAX (00100) fell 6%, reaching a low of 920 HKD, while Zhihui (02513) dropped half a percent, reaching a low of 641.5 HKD.

[10:15] BYD (01211), which is set to announce its results today, saw its stock price perform well ahead of the announcement, rising over 3% to a high of 107.5 HKD.

[10:12] Sinovac Biotech (01801) rose nearly 7% after its results, reaching a high of 85.55 HKD.

[1801 Results] Sinovac Biotech achieved profitability for the first time last year, earning 814 million RMB, and will not distribute a final dividend.

[10:09] Zijin Mining (02899) rose 0.4%, Zijin Gold International (02259) rose over 2%, while Zhaojin Mining (01818) and Shandong Gold (01787) rose over 1%, and Lingbao Gold (03330) rose nearly 3%.

[Gold Price Trend] Gold prices recovered some ground as Trump postponed the deadline for reaching an agreement with Iran. The Turkish central bank’s sale of over 8 billion USD in gold intensified downward pressure on gold prices.

[10:09] Pony.ai (02026) fell over 13% after its results, hitting a low of 73.2 HKD.

[2026 Results] Pony.ai reported an adjusted loss of 174 million USD last year, expanding nearly 32% year-on-year, with a goal to expand its fleet of driverless taxis to 3,000 by the end of this year.

[09:53] After opening, Hong Kong stocks briefly turned positive but the rebound was insufficient, falling again by over a hundred points to 24,725 points, down 130 points, with a turnover of 50.9 billion HKD. The tech index fell 0.7% to 4,727 points.

[09:22] The Hang Seng Index continued to open down 87 points, reporting 24,768 points with a turnover of 3.35 billion HKD. The tech index fell 0.4% to 4,740 points. Meituan (03690) fell 0.6% after its results, AIA (01299) fell over 3%, while Pop Mart (09992) stabilized and rebounded over 1%.

[3690 Results] Meituan reported an adjusted loss of 15.08 billion RMB in the fourth quarter, missing expectations. Wang Xing stated: “The loss per order for takeaway improved quarter-on-quarter,” and emphasized that they will not become a “Token factory” (version two).

[09:03] The Hang Seng Index futures fell about 94 points, reporting 24,723 points.

[07:50][New IPO] Tongrentang Medical and Health (2667) delayed its sale and listing plans, considering multiple factors including the current market conditions, and will return the application funds.

[07:45][Morning Highlights] Meituan reported an adjusted loss of 15.08 billion RMB in the fourth quarter, missing expectations. Hong Kong ranks third in the Global Financial Center Index, first in the Asia-Pacific Region. Cathay Pacific adds fuel surcharges again.

[07:45] From Trump’s remarks, there have been developments in the Iran situation. Night futures fell 8 points, closing at 24,782 points. The Chinese concept stock index fell 2.6%, closing at 6,721 points. After Meituan’s results, ADR stock prices briefly improved, rising 3.8% compared to Hong Kong, but were affected by macro conditions, closing down 1.6% lower than the Hong Kong closing price.

| ADR | Converted HKD | Change Compared to Hong Kong Closing Price | | Meituan ADR | 85.29 | -1.62% | | Tencent ADR | 490.94 | -0.94% | | HSBC ADR | 124.62 | -0.14% | | Alibaba U.S. Stock | 122.67 | -0.27% |

More Hong Kong stock ADR and Chinese concept stock quotes:

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[07:30] Inflation concerns persist, the Dow Jones closed down 469 points at 45,960 points, the S&P 500 fell 1.7%, closing at 6,477 points, and the Nasdaq fell 2.4%, closing at 21,408 points.

Quick look at the U.S. stock market close:

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港股上日市況，詳情請看：【港股夜期+ADR+北水】夜期收市跌8點　美團ADR低港2%

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