The Hang Seng Index continues to rise, Alibaba and mobile phone stocks soar, Pop Mart drops 8%

AASTOCKS
2025.10.21 09:18

Hong Kong stocks rose this morning (21st) along with the external stock markets, but the gains narrowed towards the end of the trading session. Investors are paying attention to the ongoing U.S. government shutdown, which may end this week. The Dow Jones and Nasdaq each rose by 1.1% and 1.4% respectively on the night of the 20th. At the time of writing, the yield on U.S. 2-year bonds fell to 3.455%, and the yield on U.S. 10-year bonds fell to 3.967%. The U.S. dollar index rose to 98.84, and the market reacted positively to the election of Japan's first female prime minister, with the dollar rising to 151.73 against the yen. The latest Dow futures fell by 92 points or 0.2%, while Nasdaq futures fell by 37 points or 0.15%. The Shanghai Composite Index rose by 52 points or 1.36% to close at 3,916 points, the Shenzhen Component Index rose by 2.1%, and the ChiNext Index rose by 3%. The total trading volume of the Shanghai and Shenzhen markets reached 1.87 trillion yuan. U.S. President Trump stated that he will visit China early next year. Chinese Foreign Ministry spokesperson Guo Jiaqin said that state leader diplomacy plays an irreplaceable strategic guiding role in China-U.S. relations, and the leaders of the two countries maintain close communication and exchanges. He currently has no information to provide regarding specific issues about the visit to China early next year.

The Hang Seng Index opened high, rising 301 points, and the gains expanded to a peak of 508 points, reaching 26,367 points, but narrowed towards the end of the session, closing up 168 points or 0.65% at 26,027 points. The Hang Seng China Enterprises Index rose by 69 points or 0.8% to close at 9,302 points, while the Hang Seng Tech Index rose by 74 points or 1.3% to close at 6,007 points. The total trading volume for the day was 264.657 billion yuan. The total trading volume of northbound trading was 126.489 billion yuan, while southbound funds had a net inflow of 1.171 billion yuan today (after a net outflow of 2.67 billion yuan yesterday).

【Hang Seng Index Continues to Rise, Alibaba Provides Support】

In the tech sector, Alibaba-W (09988.HK) saw its stock price rise nearly 2% to close at 165.1 yuan, with a trading volume of 18.49 billion yuan. NetEase-S (09999.HK) and Kuaishou-W (01024.HK) also saw their stock prices rise nearly 2%, while Bilibili-W (09626.HK) surged by 8.9%. Tencent (00700.HK), Baidu-SW (09888.HK), and JD-SW (09618.HK) rose by 0.3% to 0.6%, while Meituan-W (03690.HK) and Xiaomi-W (01810.HK) fell by 0.2% and 1.4% respectively. Mobile-related stocks performed well, with Lens Technology (06613.HK), GoerTek (01415.HK), and Hongteng (06088.HK) rising by 4.9% to 5.9%.

According to domestic media reports, this year's Tmall Double 11 e-commerce promotion officially started selling at 8 PM last night (20th). Tmall revealed that in the first hour of sales, 80 brands including Apple (AAPL.US), Genki Forest, Proya, SkinCeuticals, Fila, Estée Lauder, Lancôme, L'Oréal, La Mer, Nike, and lululemon achieved sales exceeding 100 million yuan. 30,516 brands saw their sales double compared to last year’s first day of sales, and 18,919 brands exceeded last year's total sales in the first hour At the same time, new products have driven a "surge" in transactions for 3C digital brands, with the first-hour sales volume of items such as Apple AirPods 4/Apple Watch Series 11, iQOO 15, Nintendo Switch, and Xiaomi 17 Pro Max exceeding 10 million.

【Over 1,200 stocks rise, Pop Mart declines】

The Hong Kong stock market is performing well, with a rise-to-fall ratio of 30 to 20 for main board stocks (compared to 36 to 14 the previous day). There were 1,238 rising stocks (an increase of 2.4%), with 56 Hang Seng Index constituent stocks rising and 28 falling, resulting in a rise-to-fall ratio of 64 to 32 (compared to 89 to 11 the previous day). The market recorded short selling of HKD 35.76 billion today, accounting for 15.635% of the total transaction value of HKD 228.723 billion for shortable stocks.

New consumption stocks declined, with Lao Pu Gold (06181.HK) and Mixue (02097.HK) seeing their stock prices drop by 3.9% and 2.8% respectively, while Pop Mart (09992.HK) fell by 8.1% to HKD 250.4, with a transaction value of HKD 9.828 billion.

Pop Mart announced after the market closed that its overall revenue for the third quarter of 2025 is expected to grow by 245% to 250% year-on-year, with revenue from China expected to grow by 185% to 190% year-on-year, and overseas revenue expected to grow by 365% to 370% year-on-year. During the quarter, revenue from offline channels in China is expected to grow by 130% to 135% year-on-year, while online channel revenue is expected to grow by 300% to 305% year-on-year. In terms of overseas performance, revenue in the Asia-Pacific region is expected to grow by 170% to 175% year-on-year, in the Americas by 1,265% to 1,270% year-on-year, and in Europe and other regions by 735% to 740% year-on-year.

According to a report published by DBS on September 26, it was anticipated that Pop Mart would achieve strong growth in the third quarter of 2025, even facing a higher base, with revenue expected to nearly double year-on-year. The third quarter's overseas sales are expected to grow by over 150%, while sales in the mainland China market are estimated to grow by about 50%

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