The Market Review: The Hang Seng Index rises 1%, reaching a four-year high; Alibaba and Meituan increase; Bilibili surges

AASTOCKS
2025.09.10 09:19

The Hang Seng Index continued to rise today (10th), closing above the 26,000 level and reaching a four-year high. The U.S. Bureau of Labor Statistics revised down the number of non-farm jobs added in the 12 months ending March last year by 910,000, marking the largest revision since 2002, exceeding Wall Street's expectations. The Dow Jones and Nasdaq both rose 0.4% overnight. At the time of writing, the yield on U.S. 2-year bonds rose to 3.544%, the yield on U.S. 10-year bonds rose to 4.087%, and the U.S. dollar index rose to 97.79. Dow futures were down 122 points or 0.3%, while Nasdaq futures were up 16 points or 0.07%. China's CPI in August fell 0.4% year-on-year (expected to fall 0.2%), and China's PPI in August fell 2.9%, in line with expectations. The Shanghai Composite Index rose 4 points or 0.13% to close at 3,812 points, while the Shenzhen Component Index rose 0.38%. The total trading volume of the Shanghai and Shenzhen markets reached nearly 1.98 trillion yuan.

After opening 104 points higher, the Hang Seng Index expanded its gains, rising as much as 358 points to a four-year high of 26,296 points, closing up 262 points or 1% at 26,200 points. The Hang Seng China Enterprises Index rose 85 points or 0.93% to close at 9,328 points, and the Hang Seng Tech Index rose 73 points or 1.3% to close at 5,902 points. The total trading volume for the day was 288.209 billion yuan. The total trading volume of northbound trading was 139.307 billion yuan, while southbound funds had a net inflow of 7.566 billion yuan today (compared to a net inflow of 10.231 billion yuan the previous day).

Oracle (ORCL.US) saw its stock price surge after announcing its quarterly results. Hong Kong-listed cloud service stocks Kingsoft Cloud (03896.HK) and GDS Holdings Limited-SW (09698.HK) saw their prices jump 8.8% and 6.1%, respectively, while Baidu-SW (09888.HK) rose 2.8%, and Lenovo Group (00992.HK) increased by 4.6%. Additionally, Pop Mart (09992.HK) fell 4.5% to close at 275.2 yuan.

【Pop Mart Drops, Alibaba Fluctuates Up】

Alibaba-W (09988.HK) subsidiary Amap announced the launch of the world's first user behavior-based ranking list "Amap Street Ranking," establishing a new offline service credit system that will never be commercialized. Alibaba's stock price rose over 4.2% at one point to reach 147.9 yuan, closing up 0.6% at 142.8 yuan, with a trading volume of 26.367 billion yuan. Meituan-W (03690.HK) rebounded 2.1%, and JD-SW (09618.HK) rose 3.6%.

Amap announced the launch of the world's first user behavior-based ranking list "Amap Street Ranking," establishing a new offline service credit system that will never be commercialized. At the same time, Amap launched the "Good Store Support Program," providing over 1 billion yuan in subsidies and other measures to encourage users to consume in-store, hoping to bring an additional 10 million customers daily to offline dining and other service industries. Amap disclosed for the first time that it covers over 7 million restaurant locations nationwide, with 120 million daily searches related to life services and navigation to 13 million life service destinations.

【Stocks Rise, Bilibili Surges】 Hong Kong stocks today showed a slight strengthening, with the rise and fall ratio of main board stocks at 28 to 21 (compared to 26 to 25 yesterday). There were 1,168 rising stocks (an increase of 2.9%), with 65 Hang Seng Index constituent stocks rising and 21 falling, resulting in a rise and fall ratio of 74 to 24 (compared to 68 to 30 yesterday). The market recorded short selling of HKD 39.564 billion today, accounting for 15.393% of the total turnover of shortable stocks at HKD 257.034 billion (compared to 17.608% yesterday).

Tencent (00700.HK) rose by 1% to HKD 633.5, Kuaishou-W (01024.HK) and NetEase-S (09999.HK) each rose by 1.6% and 2.6%, while Bilibili-W (09626.HK) saw its stock price jump 7.6% to close at HKD 198.9, with a turnover of HKD 2.851 billion.

Goldman Sachs released a report stating that Bilibili participated in the Goldman Sachs Asia Pacific Leaders Forum, discussing its game product line and release schedule. The company indicated that "Three Kingdoms: Hundred Generals Card" is an asymmetric strategy casual card game, and management expects it to become a major title with daily active users (DAU) reaching one million, officially launching during the 2026 Spring Festival. The company mentioned that "Dudu Face Prank" is a mobile anime RPG featuring cute characters, expected to launch in the fourth quarter of this year. "Escape from Duckkov" is a single-player top-down shooting looter PC game, also expected to launch in the fourth quarter of this year. Management anticipates that game revenue in the second half of 2025 will be affected by a high base period, expecting a year-on-year decline in the mid-to-high teens level

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