I. Market Overview

The Hong Kong market closed lower on Feb 6, with the three major indices retreating amid pressure on internet platforms and growth software names. The Hang Seng Index (HSI) fell 1.21% to 26,559.95, the Hang Seng China Enterprises Index (HSCEI) slipped 0.68% to 9,031.38, and the Hang Seng Tech Index declined 1.11% to 5,346.20. Breadth was mixed: autos outperformed while property, healthcare distributors and parts of financial services weakened. Total market turnover reached HKD 247.87 billion, reflecting active trading as investors adjusted positions ahead of the upcoming holiday period and in response to global tech volatility.

Media coverage during the session highlighted strong Hong Kong IPO debuts—Distinct Healthcare (02677), Han’s CNC Technology (03200), and Muyuan Foods (02714)—while headlines on U.S. big-tech capex and CPU supply constraints weighed on internet and software sentiment. Sector dispersion was wide, with chemicals and paper products firmer, and general merchandise and transport names under pressure.

II. Sector Performance

Large-cap Tech Stocks

Performance diverged: internet platforms weakened—Tencent -1.97% (HKD 547.50), Alibaba -2.88% (HKD 155.00), Meituan -2.56% (HKD 91.40)—while EVs outperformed, led by NIO +6.95% (HKD 39.10), Leapmotor +5.84% (HKD 43.88), and Li Auto +3.61% (HKD 71.70).

Top Performing Sectors

• Paper Products (+2.91%)

• Diversified Chemicals (+2.76%)

• Agricultural Products (+2.45%)

Bottom Performing Sectors

• General Merchandise Stores (-4.42%)

• Cargo Ground Transportation (-3.90%)

• Housewares & Specialties (-3.81%)

III. Top 10 Gainers in Hong Kong Market Today

Filter: Market cap > USD 1B.

IV. Top 10 Losers in Hong Kong Market Today

Filter: Market cap > USD 1B.

V. Closing Summary

1. The Hong Kong market weakened into the close, with the HSI -1.21% (26,559.95), HSCEI -0.68% (9,031.38), and HSTECH -1.11% (5,346.20). Turnover of HKD 247.87 billion suggests investors actively rebalanced amid global tech volatility and caution ahead of the Lunar New Year period. Defensive pockets were mixed, while cyclical exposure—particularly general merchandise and transportation—underperformed, pointing to selective risk-off behavior rather than wholesale de-risking.

2. Large-cap tech was the main drag: Tencent -1.97%, Alibaba -2.88%, Meituan -2.56%, JD.com -1.75%, NetEase -2.23% and Baidu -2.20% all fell. Media reports during the session highlighted outsized AI capex plans at U.S. peers and CPU supply bottlenecks, which likely pressured sentiment in Hong Kong’s internet and software ecosystem. In contrast, autos and EVs outperformed, led by NIO +6.95%, Leapmotor +5.84%, and Li Auto +3.61%, with BYD +1.15% and Xiaomi +0.74% adding support.

3. Beyond tech, semis were mixed: SMIC +0.22% while Hua Hong -0.35%. Optics softened with Sunny Optical -2.09%. Travel and platforms also eased, including Trip.com -1.46% and Kuaishou -2.40%. Healthcare distributors and drug retail lagged, consistent with sector-level declines. On the upside, chemicals and paper-related names led sector gains, echoing resilience in basic materials and select industrials despite broad-market weakness.

4. IPO and listing activity provided bright spots: media coverage highlighted strong debuts for Distinct Healthcare (02677), Han’s CNC Technology (03200), and Muyuan Foods (02714), with Han’s CNC also appearing among top gainers. Sector-wise, leaders included Paper Products (+2.91%), Diversified Chemicals (+2.76%), and Agricultural Products (+2.45%), while the laggards were General Merchandise Stores (-4.42%), Cargo Ground Transportation (-3.90%), and Housewares & Specialties (-3.81%). Overall, the day’s tape reflected rotation away from internet platforms into autos and selective cyclicals, with IPO momentum bucking the downtrend.

Sources: Public market data, summarized media reports

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