Hong Kong Stocks Close Lower, Tencent Plunges 7%; Xiaomi Sinks 6%; XPeng Gains 3%
On January 7, 2025, the Hong Kong stock market closed lower. The Hang Seng Index fell by 1.22%, the Hang Seng China Enterprises Index fell by 1.20%, the Hang Seng Tech Index fell by 0.92%, and the Hang Seng Composite Index fell by 0.63%.
In terms of sectors, the steel sector saw a significant increase, with Maanshan Iron rising by 7.95%. The semiconductor sector also performed well, with SMIC rising by 5.06%. The gold sector saw gains, with Zijin Mining rising by 3.22%. The sportswear sector also saw positive movement, with Anta Sports rising by 1.93%. However, the biotech sector experienced a decline, with Yeahka falling by 10.18%.
Tencent fell by 7.28% after being listed by the US Department of Defense as a company cooperating with the Chinese military. Tencent stated that this was a mistake and would work with relevant US departments to resolve the misunderstanding. This listing caused market panic and a significant drop in Tencent's stock price.
BABA-W fell by 0.91% as the Hang Seng Index's decline was exacerbated by the drop in technology stocks, including Tencent and Xiaomi, which were affected by the US listing.
Xiaomi-W fell by 5.92% due to the same US listing issue that affected Tencent. The company was also mentioned by Nvidia's CEO as a partner in the automotive sector.
BYD Company rose by 1.01% after Nvidia's CEO announced partnerships with several Chinese car manufacturers, including BYD.
JD-SW fell by 0.52% as the National Development and Reform Commission revealed that JD.com would soon integrate with Alipay, reducing platform barriers.
XPeng-W rose by 2.71% after Nvidia's CEO announced partnerships in the automotive and humanoid robot sectors.
MNSO fell by 5.19% as the Hong Kong stock market opened lower, with Tencent and MINISO both experiencing significant drops due to the US Department of Defense listing.
SenseTime-W remained flat as the company strongly opposed its inclusion in the US Department of Defense's list of Chinese military companies, stating that the listing had no factual basis and would not impact its business.
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