War Is Over?
5 Min. Read Time
Key News
Asian equity indexes were nearly all higher overnight on optimism that the conflict in Iran could be coming to a close soon, as Korea and Japan outperformed, while the Philippines and Malaysia underperformed, though still saw gains.
Hong Kong outperformed Mainland China overnight, bucking the trend for the past month, on the global macro lift. Mainland investors sold a net -$1.6 billion worth of Hong Kong-listed stocks and ETFs via Southbound Stock Connect on the market's strength. There was a slight growth bias in both markets as Health Care outperformed while Tencent and Alibaba also saw strong gains of around 3%. Volumes were slightly elevated in Hong Kong and near the 1-year average on the Mainland.
3SBio, a biotech company, was the top net buy from Mainland investors via Southbound Stock Connect after reporting that its revenue nearly doubled in 2025. The company also entered into a global licensing partnership with Pfizer, which is in line with a trend of more China-based health care companies "licensing out" treatments, a nod to the innovation happening in China.
Alibaba released a new version of its Qwen large language model (LLM), the first iteration of the popular model that is not open source. Usually, China's firms preference has been for open source models, meaning that practitioners can copy and adapt the underlying code to fit their own specific needs. The model is called Qwen 3.5 Omni.
Baidu's Apollo Go had a system error in Wuhan, leaving some passengers stranded for a number of hours. The incident does not appear to have impacted the stock, which was up nearly 4% in Hong Kong.
Key electric vehicle makers announced their March deliveries overnight. NIO saw deliveries increase +136% year-over-year in March to 35,486 units. Li Auto announced an increase of 12% to 41,053 units. Xpeng announced an increase of 2% to 27,415 units. BYD announced a decrease of -1% to 295,693.
Last Night's Performance
| Country / Index | Ticker | 1-Day Change |
|---|---|---|
| China (Hong Kong) | HSI Index | 2% |
| Hang Seng Tech | HSTECH Index | 2.3% |
| Hong Kong Turnover | HKTurn Index | 13.9% |
| Hong Kong Short Sale Turnover | HKSST Index | 8.5% |
| Short Turnover as a % of Hong Kong Turnover | N/A | 15.1% |
| Southbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | -1,621.15 |
| China (Shanghai) | SHCOMP Index | 1.5% |
| China (Shenzhen) | SZCOMP Index | 1.7% |
| China (STAR Board) | Star50 Index | 3.3% |
| Mainland Turnover | .chturn Index | 1% |
| Japan | NKY Index | 5.2% |
| India | SENSEX Index | 1.6% |
| Indonesia | JCI Index | 1.9% |
| Malaysia | FBMKLCI Index | 1.1% |
| Pakistan | KSE100 Index | 4.7% |
| Philippines | PCOMP Index | 0.8% |
| South Korea | KOSPI Index | 8.4% |
| Taiwan | TWSE Index | 4.6% |
| Thailand | SET Index | 1.6% |
| Singapore | STI Index | 1.8% |
| Australia | AS51 Index | 2.2% |
| Vietnam | VNINDEX Index | 1.7% |
| Indicator | Hong Kong | Mainland China |
|---|---|---|
| Today's Volume % of 1-Year Average | 113 | 103 |
| Advancing Stocks | 83 (Hang Seng) | 242 (CSI 300) |
| Declining Stocks | 7 (Hang Seng) | 54 (CSI 300) |
| Outperforming Factors | Growth | Growth |
| Underperforming Factors | Value | Value |
| Top Sectors | Health Care, Materials, Industrials | Health Care, Communication Services, Information Technology |
| Bottom Sectors | Energy, Utilities, Financials | Utilities, Consumer Discretionary, Financials |
| Top Subsectors | Pharmaceutical, Semiconductors, Non-Ferrous Metals | Biotechnology, Marine Industry, Pharmaceutical |
| Bottom Subsectors | Petroleum & Petrochemicals, Coal, Utilities | Forest Industry, Oil & Gas, Electricity |
| Southbound Connect Buys | Tencent, 3SBio, Xiaomi | N/A |
| Southbound Connect Sells | CNOOC, Pop Mart, Alibaba | N/A |
| MSCI China All Shares Index | # of Stocks | Average 1-Day Change (%) |
|---|---|---|
| Hong Kong Listed | 164 | 2.41 |
| Communication Services | 11 | 2.75 |
| Consumer Discretionary | 28 | 2.28 |
| Consumer Staples | 12 | 2.11 |
| Energy | 6 | -0.51 |
| Financials | 25 | 0.95 |
| Health Care | 16 | 7 |
| Industrials | 19 | 3 |
| Information Technology | 15 | 2.48 |
| Materials | 14 | 5.13 |
| Real Estate | 1 | 2.04 |
| Utilities | 6 | 0.55 |
| Mainland China Listed | 11 | 2.13 |
| Communication Services | 11 | 3.79 |
| Consumer Discretionary | 26 | 1.15 |
| Consumer Staples | 18 | 1.3 |
| Energy | 11 | 1.45 |
| Financials | 64 | 1.24 |
| Health Care | 29 | 3.93 |
| Industrials | 60 | 1.4 |
| Information Technology | 113 | 3.6 |
| Materials | 58 | 2.66 |
| US & Hong Kong Dually Listed | Ticker | 1-Day Change (%) |
|---|---|---|
| Tencent HK | 700 HK Equity | 2.6 |
| Alibaba HK | 9988 HK Equity | 3.1 |
| JD.com HK | 9618 HK Equity | -0.3 |
| NetEase HK | 9999 HK Equity | 3.3 |
| Yum China HK | 9987 HK Equity | -0.6 |
| Baozun HK | 9991 HK Equity | 3.7 |
| Baidu HK | 9888 HK Equity | 3.7 |
| Autohome HK | 2518 HK Equity | 0.9 |
| Bilibili HK | 9626 HK Equity | 7 |
| Trip.com HK | 9961 HK Equity | 3.5 |
| EDU HK | 9901 HK Equity | 3.3 |
| Xpeng HK | 9868 HK Equity | 4.3 |
| Weibo HK | 9898 HK Equity | 2 |
| Li Auto HK | 2015 HK Equity | 5.2 |
| Nio Auto HK | 9866 HK Equity | 10.3 |
| Zhihu HK | 2390 HK Equity | 3 |
| KE HK | 2423 HK Equity | 2.1 |
| Tencent Music Entertainment HK | 1698 HK Equity | 0.7 |
| Meituan HK | 3690 HK Equity | -1.2 |
| Hong Kong's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| TENCENT HOLDINGS LTD | 2.6 |
| CNOOC LTD-H | -3.7 |
| ALIBABA GROUP HOLDING LTD | 3.1 |
| POP MART INTERNATIONAL GROUP | 1.2 |
| XIAOMI CORP-CLASS B | 0.8 |
| KNOWLEDGE ATLAS TECHNOLOGY-H | 31.9 |
| MEITUAN-CLASS B | -1.2 |
| BYD CO LTD-H | -1 |
| YANGTZE OPTICAL FIBRE AND-H | 1.6 |
| ZIJIN MINING GROUP CO LTD-H | 5.9 |
| Shanghai and Shenzhen's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| SUNGROW POWER SUPPLY CO LT-A | -10.8 |
| ZHONGJI INNOLIGHT CO LTD-A | 5.7 |
| EOPTOLINK TECHNOLOGY INC L-A | 4 |
| SUZHOU TFC OPTICAL COMMUNI-A | 10.5 |
| SHENZHEN TECHWINSEMI TECHN-A | -2 |
| FOXCONN INDUSTRIAL INTERNE-A | 3.6 |
| ZIJIN MINING GROUP CO LTD-A | 4.4 |
| CAMBRICON TECHNOLOGIES-A | 7 |
| BIWIN STORAGE TECHNOLOGY C-A | 1.7 |
| GIGADEVICE SEMICONDUCTO-CL A | 7.1 |
Last Night's Exchange Rates, Prices, & Yields
- CNY per USD 6.88 versus 6.89 yesterday
- CNY per EUR 7.98 versus 7.96 yesterday
- Yield on 10-Year Government Bond 1.82% versus 1.82% yesterday
- Yield on 10-Year China Development Bank Bond 1.96% versus 1.95% yesterday
- Copper Price -0.03%
- Steel Price -0.26%
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