Hong Kong Welcomes 4 New Listings
5 Min. Read Time
Key News
Asian equities were mostly lower overnight, though Mainland China's STAR Market and the Philippines both managed gains, while Thailand and Japan were hit the hardest.
Both Hong Kong and Mainland China were broadly off overnight, although some semiconductor names managed gains, along with defensive and value plays. The top-traded names by value on the Mainland were chipmaker Cambricon, which gained +3.5%, leading the STAR Market to outperform on the Mainland, and Shanghai Stonehill, an AI software company listed in Shenzhen, which gained +10.0%. Mainland investors sold a net $626 million worth of Hong Kong-listed stocks and ETFs overnight.
Hong Kong welcomed four new listings to its exchange overnight, mostly in the technology space. These were generative AI startup Zhipu, which gained +13% in its debut, Shenzhen Edge Medical, Maxwin International Holdings, and Iluvatar CoreX Semiconductors. These companies are wasting no time in listing in 2026, seeking to take advantage of what appears to be the highest foreign participation in Hong Kong's market in two years and strong support coming from the 15th Five-Year Plan, which will be finalized in March.
The IPO enthusiasm provided a counterweight to anxiety over the geopolitical risk stemming from the current Japan-China impasse. Japan's markets took the brunt of the selling, driven by concerns that losing certain key machinery imports from China could hurt industrials' production lines. We have seen this before, though, as China previously had banned seafood imports from Japan. Ultimately, it had a limited long-term impact on markets. This is a little more serious as it is threatening to Japan's industrial base, though cooler heads are likely to prevail, and signaling is likely aimed at domestic audiences, which is always important to remember.
Chipmakers were also supported by an announcement from the Ministry of Industry & Information Technology (MIIT) that it would aim to support network upgrades for 50,000 companies over the next two years.
Real estate gained after Vanke was approved by lenders for an extension on interest payments to September.
CATL and other battery makers were summoned by market regulators to a meeting to discuss strategies to reduce overcapacity in the industry.
Last Night's Performance
| Country / Index | Ticker | 1-Day Change |
|---|---|---|
| China (Hong Kong) | HSI Index | -1.2% |
| Hang Seng Tech | HSTECH Index | -1% |
| Hong Kong Turnover | HKTurn Index | -2.8% |
| Hong Kong Short Sale Turnover | HKSST Index | 9% |
| Short Turnover as a % of Hong Kong Turnover | N/A | 16.1% |
| Southbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | -625.92 |
| China (Shanghai) | SHCOMP Index | -0.1% |
| China (Shenzhen) | SZCOMP Index | 0.2% |
| China (STAR Board) | Star50 Index | 0.8% |
| Mainland Turnover | .chturn Index | -2% |
| Northbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | Not Available |
| Jing Daily China Global Luxury Index | CHINALUX Index | -1.3% |
| Japan | NKY Index | -1.6% |
| India | SENSEX Index | -0.9% |
| Indonesia | JCI Index | -0.2% |
| Malaysia | FBMKLCI Index | -0.4% |
| Pakistan | KSE100 Index | -0.6% |
| Philippines | PCOMP Index | 0.5% |
| South Korea | KOSPI Index | 0% |
| Taiwan | TWSE Index | -0.2% |
| Thailand | SET Index | -2.1% |
| Singapore | STI Index | -0.2% |
| Australia | AS51 Index | 0.3% |
| Vietnam | VNINDEX Index | -0.3% |
| Indicator | Hong Kong | Mainland China |
|---|---|---|
| Today's Volume as % of 1-Year Average | 107 | 162 |
| Advancing Stocks | 28 (Hang Seng) | 125 (CSI 300) |
| Declining Stocks | 50 (Hang Seng) | 166 (CSI 300) |
| Outperforming Factors | Value | Value |
| Underperforming Factors | Growth | Growth |
| Top Sectors | Utilities, Energy, Real Estate | Real Estate, Communication Services, Energy |
| Bottom Sectors | Consumer Discretionary, Materials, Communication Services | Financials, Materials, Consumer Discretionary |
| Top Subsectors | Non-Ferrous Metals, Chemicals, Coal | Petroleum & Petrochemicals, Precious Metals, Securities Brokerage |
| Bottom Subsectors | Semiconductors, Electrical Equipment, Technology Hardware | Forest Industry, Motorcycles, Household Products |
| Southbound Connect Buys | Ping An Insurance, Alibaba, China Life Insurance | N/A |
| Southbound Connect Sells | China Mobile, Tencent, Hua Hong Semiconductor | N/A |
| MSCI China All Shares Index | # of Stocks | Average 1-Day Change (%) |
|---|---|---|
| Hong Kong Listed | 151 | -0.94 |
| Communication Services | 9 | -1.34 |
| Consumer Discretionary | 28 | -2.09 |
| Consumer Staples | 13 | 0.26 |
| Energy | 7 | -0.19 |
| Financials | 23 | -0.64 |
| Health Care | 13 | 4.88 |
| Industrials | 20 | -0.12 |
| Information Technology | 10 | -0.59 |
| Materials | 10 | -0.46 |
| Real Estate | 6 | -1.17 |
| Utilities | 12 | -0.87 |
| Mainland China Listed | 404 | -0.22 |
| Communication Services | 6 | -0.7 |
| Consumer Discretionary | 31 | -0.5 |
| Consumer Staples | 24 | -0.8 |
| Energy | 13 | 0.06 |
| Financials | 64 | -1.05 |
| Health Care | 31 | 0.25 |
| Industrials | 64 | 0.22 |
| Information Technology | 91 | 0.41 |
| Materials | 58 | -0.09 |
| Real Estate | 6 | -0.39 |
| Utilities | 16 | -0.05 |
| US & Hong Kong Dually Listed | Ticker | 1-Day Change (%) |
|---|---|---|
| Tencent HK | 700 HK Equity | -1.4 |
| Alibaba HK | 9988 HK Equity | -2.3 |
| JD.com HK | 9618 HK Equity | -2 |
| NetEase HK | 9999 HK Equity | -1.3 |
| Yum China HK | 9987 HK Equity | -1.3 |
| Baozun HK | 9991 HK Equity | 0 |
| Baidu HK | 9888 HK Equity | -3.3 |
| Autohome HK | 2518 HK Equity | -2.8 |
| Bilibili HK | 9626 HK Equity | 2.7 |
| Trip.com HK | 9961 HK Equity | 0.3 |
| EDU HK | 9901 HK Equity | 0.5 |
| Xpeng HK | 9868 HK Equity | 1.2 |
| Weibo HK | 9898 HK Equity | -1 |
| Li Auto HK | 2015 HK Equity | -1.3 |
| Nio Auto HK | 9866 HK Equity | 0.1 |
| Zhihu HK | 2390 HK Equity | -1.5 |
| KE HK | 2423 HK Equity | -0.8 |
| Tencent Music Entertainment HK | 1698 HK Equity | -1.4 |
| Meituan HK | 3690 HK Equity | -3.3 |
| Hong Kong's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| SEMICONDUCTOR MANUFACTURI-H | 0.3 |
| TENCENT HOLDINGS LTD | -1.4 |
| ALIBABA GROUP HOLDING LTD | -2.3 |
| CHINA MOBILE LTD-H | -0.6 |
| HUA HONG SEMICONDUCTOR LTD-H | 2.6 |
| XIAOMI CORP-CLASS B | -0.4 |
| HSBC HOLDINGS PLC | -2.3 |
| MEITUAN-CLASS B | -3.3 |
| PING AN INSURANCE GROUP CO-H | -1.3 |
| YANGTZE OPTICAL FIBRE AND-H | -3.7 |
| Shanghai and Shenzhen's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| CAMBRICON TECHNOLOGIES-A | 3.5 |
| SHANGHAI STONEHILL TECHNOL-A | 10 |
| ZHONGJI INNOLIGHT CO LTD-A | -3.9 |
| GOLDWIND SCIENCE & TECHNOL-A | 10 |
| ADDSINO CO LTD -A | 0.4 |
| BLUEFOCUS INTELLIGENT COMM-A | 5.3 |
| CHINA SPACESAT CO LTD -A | 1.8 |
| LUXSHARE PRECISION INDUSTR-A | -4.2 |
| CHINA SATELLITE COMMUNICAT-A | 1.5 |
| HYGON INFORMATION TECHNOLO-A | 8.5 |
Last Night's Exchange Rates, Prices, & Yields
- CNY per USD 6.99 versus 6.98 yesterday
- CNY per EUR 8.18 versus 8.16 yesterday
- Yield on 10-Year Government Bond 1.90% versus 1.88% yesterday
- Yield on 10-Year China Development Bank Bond 1.99% versus 1.98% yesterday
- Copper Price -1.07%
- Steel Price 1.27%
