Hong Kong stocks opened marginally higher in early trading today (November 12), with the biotech sector leading gains.

As of the latest update, the Hang Seng Index rose 58.52 points, or 0.22%, to 26,754.93. The Hang Seng Tech Index climbed 15.30 points, or 0.26%, to 5,939.69.

Several companies released business updates. Hesai Group (HK02525) reported Q3 net revenue of RMB 795 million, up 47.5% year-on-year, with net profit reaching RMB 256 million, reversing a year-ago loss. The company raised its full-year net profit guidance to RMB 350–450 million and projected Q4 revenue between RMB 1.0–1.2 billion, representing a 39%–67% YoY increase. Despite this, its shares fell over 10% in early trading.

CGN New Energy (HK01811) disclosed a 3.5% YoY decline in power generation for the first 10 months of the year, totaling 15,753.4 GWh. TOT Biopharm (HK01875) reported revenue of RMB 622 million for the nine months ended September 30, 2025, alongside a net loss attributable to shareholders of RMB 3.371 million.

The biotech sector outperformed, with BeiGene (HK06160) surging over 4%, Asymchem (HK06821) up 1.8%, and Joinn Laboratories (HK06127), WuXi XDC (HK02268), and WuXi Biologics (HK02269) each gaining over 1%.

Elsewhere, tech stocks were mixed: Xiaomi (HK01810) rose over 2%, Tencent (HK00700) and NetEase (HK09999) gained over 1%, while Alibaba (HK09988) and Baidu (HK09888) dropped over 2%. Property developers were active, with Shimao Group (HK00813) up 3%, and auto stocks saw partial gains, with XPeng (HK09868) advancing over 2%.

**Market Outlook:** CMSC Securities noted that recent volatility in Hong Kong stocks reflects profit-taking but argued that such sentiment discrepancies present investment opportunities. With potential progress on the U.S. government funding impasse and improving global liquidity expectations, the market may resume its upward trajectory after consolidation.