Hong Kong Stocks Close Lower; Tencent Sinks 4%; Alibaba Drops 2%; Tencent Music Jumps 10%
On February 24, 2025, the Hong Kong stock market closed with mixed performance. The Hang Seng Index decreased by 0.58%, the Hang Seng China Enterprises Index decreased by 0.55%, the Hang Seng Tech Index decreased by 1.19%, and the Hang Seng China-Affiliated Corporations Index decreased by 0.09%.
In terms of sectors, the property management sector in Hong Kong saw a notable increase of 4.21%. The aviation sector also performed well, increasing by 4.15%. However, the technology sector experienced a decline, with the popular tech stocks falling by 1.78%.
TENCENT fell by 3.83%. The decline in Tencent's stock price can be attributed to the overall weak performance of the technology sector.
BABA-W decreased by 2.02%. Alibaba announced a strategic AI cooperation with Far East Holdings, focusing on cloud computing, big data, and AI-enabled cable industry. Additionally, Morgan Stanley raised Alibaba's target price from $100 to $180, upgrading its rating to "overweight," citing the expected doubling of cloud business revenue in three years.
CCB fell by 0.15%. Baotou Iron and Steel Group underwent a business change, with China Huarong Asset Management exiting as a shareholder and new shareholders including China Construction Bank, Baotou Municipal Government, and CITIC Financial Assets.
XIAOMI-W decreased by 0.19%. Xiaomi announced the release of two high-end products, Xiaomi SU7 Ultra and Xiaomi 15 Ultra.
BYD COMPANY fell by 0.87%. BYD announced a partnership with DJI to launch an intelligent in-car drone system on March 2.
MEITUAN-W rose by 2.21%. The stock's performance was supported by the overall positive sentiment in the market.
CHINA TELECOM fell by 5.36%. UBS reported that Chinese telecom companies are benefiting from network resources, becoming major data center suppliers for large-scale cloud and internet companies.
CHINA LIFE rose by 3.82%. The stock saw a positive performance despite the overall market decline.
SMIC rose by 1.48%. The semiconductor sector in Hong Kong continued to rise, with SMIC increasing by 2.03%.
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