Tencent & OpenClaw Adoption Lead Hong Kong Higher
5 Min. Read Time
Key News
Asian equities had a strong day after President Trump’s comments on Iran last night, as the US dollar eased.
President Trump also confirmed his end-of-month trip to China as chatter about a large Boeing aircraft purchase circulated. The Boeing order should be announced by the big bosses.
Hong Kong had a strong day, as the Hang Seng Index closed back above the 25,000 level. Battery giant CATL gained +9.34% in Hong Kong and +5.26% in Mainland China after reporting better-than-expected results after the close in Hong Kong yesterday.
The key driver today was the OpenClaw adoption frenzy, leading to a strong rally among technology/growth stocks. For those less familiar with OpenClaw, it is “an open‑source personal AI agent that runs on your own hardware and connects to large language models (like GPT or Claude) to actually perform tasks on your behalf across chat apps, your files, the web, and your operating system”. The key is that OpenClaw is embedded on your current computer, utilizing your current software, email, and messaging apps.
Tencent gained +7.27% after it announced Tencent Cloud’s OpenClaw-compatible WorkBuddy AI agent for use, including for its immensely popular QQ and WeChat messaging platforms. Tencent was Hong Kong’s most heavily traded stock by value on volume that increased +84% from yesterday, which is nearly 3X the 1-year average, as Mainland investors bought a net $465 million worth of the stock via Southbound Stock Connect. Tencent also had a large call option trade.
Alibaba gained +3.73% after Alibaba Cloud announced the launch of its OpenClaw-compatible HiClaw AI agent. Alibaba Cloud also won a RMB 1.85 billion contract from China Telecom and an AI computing hub in Shanghai’s Jinshan District. Alibaba broke a five-day net sell streak with $170 million worth of net buying via Southbound Stock Connect. The Hong Kong-listed ETFs that had massive inflows yesterday were net sells today, as yesterday’s inflows became today’s outflows.
AI large language model (LLM) providers Knowledge Atlas and Minimax gained +12.87% and +22.37%, respectively, as they are expected to be beneficiaries of OpenClaw adoption, along with semiconductors and data centers. There was some overlap in Hong Kong and Mainland China, as energy names were hit hard in both markets, while technology hardware, pharmaceuticals, non-ferrous metals, and semiconductor stocks all had strong days.
Electric vehicle maker NIO reported better-than-expected results, including its first profitable quarter after the Hong Kong close, with a stronger Q1 revenue outlook, though car sales were a little light.
Febuary Trade Data:
% changes are year-over-year
- Exports +39.6%
- Imports +13.8%
- Trade Balance 637 billion
Year-to-date exports were up +21.8% and imports were up +19.8%, driven by trade with Southeast Asia, which increased +20.3%, and the European Union, which increased +19.9%. Meanwhile, trade with the US declined -16.9%.
Last Night's Performance
| Country / Index | Ticker | 1-Day Change |
|---|---|---|
| China (Hong Kong) | HSI Index | 2.2% |
| Hang Seng Tech | HSTECH Index | 2.4% |
| Hong Kong Turnover | HKTurn Index | -15.7% |
| Hong Kong Short Sale Turnover | HKSST Index | -41.5% |
| Short Turnover as a % of Hong Kong Turnover | N/A | 15.8% |
| Southbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | -2,292.82 |
| China (Shanghai) | SHCOMP Index | 0.6% |
| China (Shenzhen) | SZCOMP Index | 1.8% |
| China (STAR Board) | Star50 Index | 2.2% |
| Mainland Turnover | .chturn Index | -9.5% |
| Japan | NKY Index | 2.9% |
| India | SENSEX Index | 0.8% |
| Indonesia | JCI Index | 1.4% |
| Malaysia | FBMKLCI Index | 1.6% |
| Pakistan | KSE100 Index | 6.4% |
| Philippines | PCOMP Index | 2% |
| South Korea | KOSPI Index | 5.3% |
| Taiwan | TWSE Index | 2.1% |
| Thailand | SET Index | 1.6% |
| Singapore | STI Index | 2.2% |
| Australia | AS51 Index | 1.1% |
| Vietnam | VNINDEX Index | 1.4% |
| Indicator | Hong Kong | Mainland China |
|---|---|---|
| Today's Volume % of 1-Year Average | 128% | 126% |
| Advancing Stocks | 380 | 4203 |
| Declining Stocks | 128 | 850 |
| Outperforming Factors | Liquidity, Buyback, EPS Revision | Liquidity, Momentum, Growth |
| Underperforming Factors | Value, Dividend Yield | |
| Top Sectors | Communication, Healthcare, Industrials | Tech, Healthcare, Industrial |
| Bottom Sectors | Energy, Utilities | Energy |
| Top Subsectors | Electrical Equipment, Software, Semis | Communication Equipment, Construction Machinery, Electronic Components |
| Bottom Subsectors | Petroleum, Coal, National Defense | Oil/Gas, Energy Equipment, Coal |
| Southbound Connect Buys | Tencent (Very Large), Alibaba (Large), YOFC (Small) | N/A |
| Southbound Connect Sells | HK Tracker ETF (Massive), HS Tech ETF, HS China Enterprise ETF (Very Large), SMIC (Small), CNOOC (Tiny) | N/A |
| MSCI China All Shares Index | # of Stocks | Average 1-Day Change (%) |
|---|---|---|
| Hong Kong Listed | 165 | 2.57 |
| Communication Services | 11 | 6.1 |
| Consumer Discretionary | 28 | 2.11 |
| Consumer Staples | 13 | 1.07 |
| Energy | 6 | -2.07 |
| Financials | 25 | 0.49 |
| Health Care | 16 | 3.49 |
| Industrials | 22 | 2.28 |
| Information Technology | 12 | 2.15 |
| Materials | 14 | 1.07 |
| Real Estate | 7 | 0.01 |
| Utilities | 11 | -0.34 |
| Mainland China Listed | 386 | 1.94 |
| Communication Services | 8 | 1.51 |
| Consumer Discretionary | 26 | 1.77 |
| Consumer Staples | 19 | 0.74 |
| Energy | 12 | -2.26 |
| Financials | 64 | 1.16 |
| Health Care | 31 | 2.77 |
| Industrials | 58 | 2.72 |
| Information Technology | 95 | 3.86 |
| Materials | 52 | 0.84 |
| US & Hong Kong Dually Listed | Ticker | 1-Day Change (%) |
|---|---|---|
| Tencent HK | 700 HK Equity | 7.3 |
| Alibaba HK | 9988 HK Equity | 3.7 |
| JD.com HK | 9618 HK Equity | 2.8 |
| NetEase HK | 9999 HK Equity | 2.2 |
| Yum China HK | 9987 HK Equity | 1.5 |
| Baozun HK | 9991 HK Equity | 1.8 |
| Baidu HK | 9888 HK Equity | 2.9 |
| Autohome HK | 2518 HK Equity | 4 |
| Bilibili HK | 9626 HK Equity | 4 |
| Trip.com HK | 9961 HK Equity | 1.4 |
| EDU HK | 9901 HK Equity | 0.7 |
| Xpeng HK | 9868 HK Equity | 3.1 |
| Weibo HK | 9898 HK Equity | 2.5 |
| Li Auto HK | 2015 HK Equity | 0.2 |
| Nio Auto HK | 9866 HK Equity | -0.3 |
| Zhihu HK | 2390 HK Equity | 2.1 |
| KE HK | 2423 HK Equity | 0.6 |
| Tencent Music Entertainment HK | 1698 HK Equity | 3.6 |
| Meituan HK | 3690 HK Equity | 0.5 |
| Hong Kong's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| TENCENT HOLDINGS LTD | 7.3 |
| ALIBABA GROUP HOLDING LTD | 3.7 |
| YANGTZE OPTICAL FIBRE AND-H | 24.3 |
| CNOOC LTD-H | -1.6 |
| XIAOMI CORP-CLASS B | -0.2 |
| KNOWLEDGE ATLAS TECHNOLOGY-H | 12.9 |
| SHANDONG MOLONG PETROLEUM-H | -13.1 |
| MINIMAX GROUP INC | 22.4 |
| SEMICONDUCTOR MANUFACTURI-H | 5.5 |
| MEITUAN-CLASS B | 0.5 |
| Shanghai and Shenzhen's Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| CONTEMPORARY AMPEREX TECHN-A | 5.3 |
| EOPTOLINK TECHNOLOGY INC L-A | 3.5 |
| ZHONGJI INNOLIGHT CO LTD-A | 4 |
| HGTECH CO LTD-A | 4.1 |
| TALKWEB INFORMATION SYSTEM-A | -2.8 |
| SUZHOU TFC OPTICAL COMMUNI-A | 10.9 |
| ADDSINO CO LTD -A | 4.9 |
| BEIJING TEAMSUN TECHNOLOGY-A | 4.3 |
| WANGSU SCIENCE & TECHNOLOG-A | 1.8 |
| TBEA CO LTD-A | -2.7 |
Last Night's Exchange Rates, Prices, & Yields
- CNY per USD 6.87 versus 6.92 yesterday
- CNY per EUR 7.99 versus 7.99 yesterday
- Yield on 10-Year Government Bond 1.81% versus 1.81% yesterday
- Yield on 10-Year China Development Bank Bond 1.95% versus 1.95% yesterday
- Copper Price +1.27%
- Steel Price -0.35%
