Hong Kong Stocks Close Lower; Xiaomi Gains 3%; Tencent Rises 1%; Li Auto Sinks 4%
On January 9, the Hong Kong stock market showed mixed performance with the Hang Seng Index (HSI) down 0.20%, the Hang Seng China Enterprises Index (HSCEI) down 0.17%, the Hang Seng Tech Index (HSTECH) up 0.10%, and the Hang Seng Composite Index (HSCCI) down 0.35%.
In the semiconductor sector, SMIC rose over 5%, Hua Hong Semiconductor increased by 3.5%, and Crystal Semiconductor rose over 2%. The sector's rise was driven by the anticipation of new restrictions on AI chip exports by the Biden administration.
Tencent saw a slight rebound of 1.14% after the US Trade Office removed WeChat from the counterfeit sellers list. Xiaomi-W rose 2.90%, driven by the positive performance of Kingsoft Cloud.
ZTE surged 9.98%, while XPeng-W fell 3.60% due to a patent infringement lawsuit filed by CATL against XPeng's subsidiary.
JD-SW dropped 1.55%, while JD Health rose 1.61%. J&T Express-W saw a significant increase of 10.31% due to strong growth in parcel volume in 2024.
Anta Sports rose 4.45% as its retail sales for the fourth quarter of 2024 showed high single-digit growth for the Anta brand and 50%-55% growth for other brands.
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