Hong Kong stocks closed slightly lower on Thursday after another day of sharp swings. The Hang Seng Index fell 0.3%, while the Hang Seng Tech Index dropped 1.2%.

In terms of individual stocks, Catering stocks and EV makers shined.

Catering stocks jumped in Hong Kong as Mixue Group's IPO neared, drawing investor interest. Nayuki Holdings rose 22%; Haidilao rose 7%; Guming Holdings rose 6%; Chabaidao rose 3%; YUM China rose 2%.

EV stocks gained as EV makers recently released a series of new models. NIO rose 7%; XPeng rose 6%, BYD rose 2%.

And other tech stocks also trimmed their earlier losses. JD.com fell 0.5%; Li Auto fell 0.7%; Meituan fell 0.8%; Alibaba fell 0.9%; Tencent and Baidu fell 1%; NetEase fell 2%; Kuaishou fell 3%; Trip.com and Bilibili fell 5%; Xiaomi fell 6%.

Mobvista shares plunged 38%. The Chinese game publishing and mobile ad services provider is in talks to potentially sell its Mintegral and marketing tech businesses. New U.S. data protection laws may impact Mobvista’s operations and potential sale.

In terms of EV news, Onvo, a sub-brand of Nio, yesterday posted a new image of the L90, seemingly insisting that it will benchmark its flagship model against that of Li Auto. And Nio has built its first battery swap station in the MENA (Middle East and North Africa) region and will soon put the facility into operation.

Xiaomi CEO yesterday said '90% sure' SU7 Ultra will hit 10,000-unit sales target this year. The SU7 Ultra will be launched on February 27 and is currently available for pre-order at about four times the regular SU7's price.

XPeng announced yesterday that it will unveil the 2025 G6 on February 28, with a live video stream beginning at 2 pm Beijing time that day.

After sharing the first images of the Li i8, Li Auto yesterday released more images of its first all-electric SUV (sport utility vehicle) model, as well as a comparison with Tesla's Model X.