During today's (September 12) morning trading session, the Hong Kong stock market opened significantly higher. As of press time, the Hang Seng Index traded at 26,539 points, up 1.74%; the Hang Seng Tech Index traded at 6,004 points, up 1.97%.
Among focus companies, BABA-W (09988.HK) opened more than 5% higher in Hong Kong, trading at HK$151, reaching its highest level since November 19, 2021.
During last night's US trading session, Alibaba's US shares surged 8%, closing at $155.44, hitting a nearly 4-year high. On the news front, Alibaba's Tongyi released its next-generation foundation model architecture Qwen3-Next. Qwen3-Next is designed for the future trend of large models continuously scaling in both context length and total parameters, adopting a new high-sparsity MoE architecture and reconstructing core components of the classic Transformer, innovating with a hybrid attention mechanism that combines linear attention and proprietary gated attention, achieving breakthrough cost-effectiveness in both model training and inference.
Evergrande Property (06666.HK) announced a trading halt yesterday morning, and last night the company announced it received a contact letter from the liquidators of controlling shareholders including China Evergrande Group, stating that the liquidators have been seeking to sell Evergrande Property shares. The potential transaction is currently in preliminary stages, with confidentiality agreements signed and non-binding indicative offers received from some interested parties. The contact letter further revealed that the liquidators plan to invite selected interested parties to reach binding transaction terms for the potential deal before November 2025.
During today's morning session, Evergrande Property resumed trading and opened more than 38% higher.
In other sectors, technology stocks rose broadly, with Baidu and JD.com up more than 3%, Tencent and Kuaishou up more than 2%, NetEase up 2%, Lenovo and Xiaomi up more than 1%; mainland property stocks opened higher, with Country Garden up more than 4%; innovative drug concepts warmed up, with Zai Lab up more than 6%; some auto stocks rose, with NIO up more than 4%; Chinese brokerage stocks were active, with China Galaxy up more than 1%; most insurance stocks opened higher, with Yunfeng Financial up more than 1%.
Market Outlook:
Analyst Chen Meng from Soochow Securities pointed out that Hong Kong stocks are still in an upward oscillation trend with downside support. Further gains in the Hong Kong market still need new momentum, and valuations of leading technology internet companies still need repair. The current Hong Kong stock market is mainly characterized by structural opportunities. It is recommended to continue focusing on promising sectors such as innovative drugs, consumer electronics, new consumption, and AI technology. Fund allocation to Hong Kong stocks still needs more reasons. Currently, A-share liquidity narrative is better than Hong Kong stocks, and most mainland funds prefer A-share opportunities. Insurance funds' Hong Kong stock allocation is mainly focused on dividend stocks, with relatively cautious approaches in other directions. Foreign capital is paying attention to Hong Kong stocks but is still observing the actual improvement in economic fundamentals.