I. Market Overview

The Hong Kong market closed lower on Feb 26 amid risk-off sentiment. The Hang Seng Index (HSI) fell 1.44% to 26,381.02, while the Hang Seng China Enterprises Index (HSCEI) dropped 2.44% to 8,814.29. The Hang Seng Tech Index (HSTECH) underperformed, sliding 2.87% to 5,109.33 as large-cap internet, semiconductors, and EV names declined broadly. Intraday reports highlighted selective strength in communications equipment and crypto-adjacent shares, but these pockets were insufficient to offset broad weakness in growth sectors.

Total market turnover reached HKD 259.28 billion. Sector dispersion widened: heavy electrical equipment and parts of property REITs advanced, while biotech, automotive retail, and internet services lagged notably.

II. Sector Performance

Large-cap Tech Stocks

Large-cap tech closed broadly weaker: Tencent -2.01% to HKD 512.00; Alibaba -3.57% to HKD 143.00; Meituan -2.72% to HKD 80.45; Baidu -4.27% to HKD 123.40; Kuaishou -4.14% to HKD 63.60; Bilibili -4.63% to HKD 218.20; resilience was limited to Kingdee +0.51% and Lenovo +0.31%.

Top Performing Sectors

• Home Improvement Retail +5.93%

• Heavy Electrical Equipment +4.70%

• Office REITs +4.38%

Bottom Performing Sectors

• Automotive Retail -6.32%

• Life Sciences Tools & Services -5.71%

• Real Estate Services -5.62%

III. Top 10 Gainers in Hong Kong Market Today

Filter: Market cap>HKD10B

IV. Top 10 Losers in Hong Kong Market Today

Filter: Market cap>HKD10B

V. Closing Summary

1. Indices: The three primary Hong Kong benchmarks weakened into the close as global growth volatility and sector-specific headwinds weighed on sentiment. The HSI -1.44% (26,381.02) reflected broad declines across consumer, financial, and industrials; the HSCEI -2.44% (8,814.29) underlined pressure in China-linked names; and the HSTECH -2.87% (5,109.33) led losses. Turnover was a healthy HKD 259.28 billion, signaling active repositioning as investors reduced exposure to higher-beta segments amid sector dispersion.

2. Large-cap tech: Internet platforms, chipmakers, and EVs slumped broadly: Tencent -2.01%, Alibaba -3.57%, Meituan -2.72%, Baidu -4.27%, SMIC -3.22%, Hua Hong Semi -4.82%, Li Auto -4.45%, XPeng -5.06%, and Kuaishou -4.14%. Intraday coverage flagged sector softness (“HSTECH fell earlier”), consistent with a close driven by profit-taking and macro caution. Isolated resilience (Kingdee +0.51%; Lenovo +0.31%) underscored a preference for selective, cash-generative software and hardware names over high-valuation growth.

3. Notable movers: AI and industrial themes mixed: ILUVATAR COREX +20.27% and DONGFANG ELEC +15.52% topped gainers, while autos and biopharma led declines with ZHONGSHENG -10.76%, CALB -9.26%, and BEIGENE -9.16%. Intraday media highlighted communications equipment strength (Putian/Nanfang/YOFC) and crypto-adjacent names firming (Linekong, OKG, Yeahka). FIT HON TENG was spotlighted for optical module momentum; it closed +11.48%. A leveraged product tied to SK Hynix (07709 +14.44%) rallied alongside reports on memory standardization efforts, reflecting thematic flows into AI infrastructure.

4. Sectors and IPOs: Sector breadth showed defensive skew and infrastructure tilt: Heavy Electrical Equipment, Home Improvement Retail, and Office REITs rose; deep declines hit Automotive Retail, Life Sciences Tools & Services, and Real Estate Services. The biopharma complex weakened across therapeutics and CDMO-related names, while autos/EV supply chain underperformed on sentiment and earnings sensitivity. No notable new listings dominated headlines; activity centered on rotation within existing heavyweights and select industrials tied to AI hardware and connectivity themes.

Sources: Public market data, summarized media reports

Disclaimer: This content is for reference only and does not constitute investment advice.