Hong Kong stocks opened slightly higher and traded within a narrow range in early trading on December 9.

As of the latest update, the Hang Seng Index stood at 25,747.45 points, down 17.31 points or 0.07%. Meanwhile, the Hang Seng Tech Index fell 22.15 points or 0.39% to 5,640.40 points.

Among key stocks, ASCLETIS-B (HK:01672) opened higher and extended gains, rising over 23% at the time of writing. The surge followed the company's announcement of positive top-line results from its 13-week Phase II study (NCT07002905) evaluating ASC30, an oral small-molecule GLP-1 receptor (GLP-1R) agonist for obesity treatment.

Dr. Jinzi Wu, Founder, Chairman, and CEO of ASCLETIS, stated: "We are encouraged by our Phase II results, which demonstrate ASC30's potential as a best-in-class candidate for weight loss with improved gastrointestinal tolerability. Given the significant tolerability enhancement observed when extending the GLP-1 agonist titration schedule from weekly to every four weeks, we anticipate further improvement in ASC30's gastrointestinal profile during the Phase III study. We plan to submit these data to the U.S. FDA and request an End-of-Phase II meeting in Q1 2026."

Elsewhere in the market, technology stocks were mixed, with Alibaba rising over 1% while Kuaishou fell more than 2%. Domestic brokerage stocks opened higher, with Guolian Minsheng gaining over 1%. Automobile stocks were active, with Chery Auto advancing over 2%.

**Market Outlook:** Qu Shaojie of Great Wall Fund expressed optimism about Hong Kong stocks in 2026 but emphasized that sustainable growth should stem from genuine improvements in corporate earnings rather than mere valuation expansion. He highlighted "contrarian thinking" as a key investment strategy, cautioning against overvalued assets while identifying opportunities in oversold quality stocks.

Qu noted that 2026's market performance will be primarily driven by corporate earnings growth. Specifically: - Tech stocks with strong AI capabilities and technological barriers show the highest earnings certainty. - While consumer sectors face divergence, fundamentally sound new consumption segments may sustain high growth post-risk release. - High-dividend assets (such as those in the Hang Seng Connect High Dividend Index with yields above 6%) can provide stable returns for portfolios.

Dongwu Securities suggested that Hong Kong stocks remain in a short-term consolidation phase, with a rebound pending. From a medium-to-long-term perspective, current valuations appear attractive. Key factors include: 1. Market expectations for a December Fed rate cut, though a hawkish cut could limit the rebound. 2. Neutral investor sentiment ahead of the Central Economic Work Conference; any positive surprises may trigger a rebound. 3. The Hang Seng Tech Index offers compelling value at current levels, with AI leaders trading at reasonable valuations—new catalysts could drive significant upside.

Investors are advised to conduct thorough research before making decisions, as market risks persist.