Hong Kong stock market opened lower on Thursday. The Hang Seng Index (HSI) fell by 0.99%, the Hang Seng China Enterprises Index (HSCEI) decreased by 0.86%, the Hang Seng Tech Index (HSTECH) dropped by 1.08%, and the Hang Seng China-Affiliated Corporations Index (HSCCI) declined by 0.28%.

Xiaomi stock rose 2.22% to HK$50.55, hitting a new record high. A new regulatory filing has revealed information on the range of Xiaomi's second electric vehicle (EV) model, the YU7, after previous regulatory filings over the past two months revealed some of its specifications.

BYD COMPANY up 1.85%. The carbon neutrality sector also saw a rise of 1.46%. The aluminum sector increased by 1.27%. However, the return of Chinese concept stocks fell by 1.04%, and the SaaS concept stocks in Hong Kong dropped by 1.17%. The popular tech stocks in Hong Kong experienced a significant decline of 1.47%, with TENCENT down 1.89% and BABA-W down 2.66%.

BABA-W fell by 2.66%. Alibaba's stock has surged over 55% in the past month, potentially entering a Stage-2 ascent with further gains expected if it holds above the top-end of its accumulation base. The company's upcoming earnings report will provide insights into its financial performance and future prospects. Investors are closely watching the stock as they consider whether to buy or sell. Additionally, Alibaba and Chinese state funds have expressed interest in investing in Deepseek, a company considering raising outside money for the first time. This potential investment could have significant implications for Deepseek's future growth and development.

HSBC HOLDINGS fell by 0.90%. HSBC Holdings is nearing the completion of its review of the investment banking division, which has led to the decision to close some operations. CEO Georges Elhedery stated that the review included an examination of the bank's equity sales and research capabilities. HSBC announced plans to scale back its equity underwriting and advisory services in Europe, the UK, and the Americas, focusing instead on providing these services in core markets such as Asia and the Middle East. The bank aims to cut costs and improve returns.

MEITUAN-W dropped by 5%. Meituan announced that it will start providing social security for full-time and stable part-time riders nationwide, expected to be implemented gradually starting in the second quarter of 2025. This move is expected to benefit over a million riders and demonstrates Meituan's commitment to improving the welfare and stability of its delivery workforce.

BIDU-SW fell by 2%. Baidu received a positive rating of 'Outperform' from Mizuho, which also raised the price target for Baidu's shares from $95.00 to $105.00 per share. This update indicates a positive outlook for Baidu's performance in the market.