Key News
Asian markets were mixed overnight as the US dollar weakened.
Hong Kong had several pockets of strength in growth stocks, which lifted the Hang Seng Tech to a 52-week high. Mainland investors bought a healthy net $1.42 billion worth of Hong Kong-listed stocks today, as Alibaba saw tremendous buying. The Hang Seng Index closed off a touch on high volumes and weak breadth, though it has managed to close above the 26,000 level as the market catches its breath after the recent strong performance.
Automaker Chery had its IPO in Hong Kong today, where it gained +3.8%, as the company raised $1.2 billion, giving it a market cap of $24B. Autos and electric vehicles (EVs) had a good day, as BYD gained +2.37% on its strong European sales, CATL gained +5.14% on an updated nickel EV battery, NIO gained +2.25% on an analyst upgrade, and XPeng gained +3.78% on strong overseas sales. JD.com gained +3.66%, though it was off its intra-day high of +7.22%, after announcing numerous AI-focused initiatives at the 2025 Global Tech Explorers Conference.
Alibaba fell -1.15% after yesterday’s monster move, though today’s volume was 172 million, versus the 1-year average of 105 million. Today was the 25th day of net buying in Alibaba via Southbound Stock Connect, as Mainland investors now hold 10.63% of shares. Hong Kong-listed banks, and, to a lesser extent, insurance stocks, except for AIA, which gained +1.21%, were weak on reports and rumors that HSBC asked Hang Seng Bank to clean up real estate-related non-performing loans. I am unsure if I am a buyer of this story, as Mainland China banks were mixed in a sign that they agreed with me.
Xiaomi gained +4.48% in advance of its new Xiaomi 17 mobile phone, which is eerily similar to the latest iPhone 17. The launch may have helped lift tech hardware stocks in the Mainland, which also had an okay day, with several bright spots for growth similar to Hong Kong. Healthcare had a strong day in both markets.
On the US-China geopolitical front, the Ministry of Commerce (MoC) added six US companies to its unreliable entity and export/import ban list, as three companies sold military hardware to Taiwan. In the daily press conference, the MoC also spoke to the release from multiple government agencies titled “Guiding Opinions on Vigorously Developing Digital Consumption and Creating a Better Life in the Digital Era,” which obviously emphasizes digital consumption. There was also chatter that China would buy US soybeans and Boeing airplanes, though the spokesperson failed to show their hand. Premier Li, who is in NYC for the UN General Assembly, met with the UN Secretary General Guterres and Bill Gates. Bytedance’s Douyin Group denied a rumor that the parent of TikTok would go public.
One risk for investors to watch out for is share placements and stock sales, as companies look to take advantage of high stock prices by selling stock. Recently, Kingsoft Cloud, not an internet company, sold 338 million shares to investors at a 9% discount to the recent close. Dilution is a risk, as we’ve seen a few convertible sales recently. While not a major concern, it is something to keep an eye out for.
Last Night’s Performance
| Country / Index | Ticker | 1-Day Change |
|---|---|---|
| China (Hong Kong) | HSI Index | -0.1% |
| Hang Seng Tech | HSTECH Index | 0.9% |
| Hong Kong Turnover | HKTurn Index | 9% |
| Hong Kong Short Sale Turnover | HKSST Index | 2% |
| Short Turnover as a % of Hong Kong Turnover | N/A | 14.3% |
| Southbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | 1410.72 |
| China (Shanghai) | SHCOMP Index | 0% |
| China (Shenzhen) | SZCOMP Index | 0.2% |
| China (STAR Board) | Star50 Index | 1.2% |
| Mainland Turnover | .chturn Index | 1.9% |
| Northbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | Not Available |
| Jing Daily China Global Luxury Index | CHINALUX Index | 0.1% |
| Japan | NKY Index | 0.3% |
| India | SENSEX Index | -0.7% |
| Indonesia | JCI Index | -1.1% |
| Malaysia | FBMKLCI Index | -0.1% |
| Pakistan | KSE100 Index | 0.7% |
| Philippines | PCOMP Index | -1.1% |
| South Korea | KOSPI Index | 0% |
| Taiwan | TWSE Index | -0.7% |
| Thailand | SET Index | 0.8% |
| Singapore | STI Index | -0.4% |
| Australia | AS51 Index | 0.1% |
| Vietnam | VNINDEX Index | 0.5% |
| Indicator | Hong Kong | Mainland |
|---|---|---|
| Today’s Volume % of 1-Year Average | 131 | 142 |
| Advancing Stocks | 149 | 1502 |
| Declining Stocks | 340 | 3538 |
| Outperforming Factors | Growth, Liquidity, EPS Revisions | Liquidity, Growth, Momentum |
| Underperforming Factors | Dividend Yield, Value, Low Volatility | Low Volatility, Dividend Yield, Value |
| Top Sectors | Tech, Materials, Healthcare | Communications, Materials, Healthcare |
| Bottom Sectors | Financials, Staples, Utilities | Staples, Energy, Financials |
| Top Subsectors | Electrical Equipment, Non Ferrous Metals, Tech Hardware | Computer Hardware, Power Generation Equipment, Comprehensive |
| Bottom Subsectors | Household Appliances, Banks, Food | Gas, Port, Construction Machinery |
| Southbound Connect Buys | Alibaba (Very Large), SMIC, Tencent (Large), Hua Hong Semi, UBTech (Small) | |
| Southbound Connect Sells | Xiaomi (Moderate), Xtalpi (Small) |
| MSCI China All Shares Index | # of Stocks | Average 1-Day Change (%) |
|---|---|---|
| Hong Kong Listed | 152 | 0.05 |
| Communication Services | 9 | 0.31 |
| Consumer Discretionary | 28 | -0.17 |
| Consumer Staples | 13 | -1.12 |
| Energy | 6 | -0.5 |
| Financials | 24 | -1.73 |
| Health Care | 12 | 0.65 |
| Industrials | 21 | -0.29 |
| Information Technology | 10 | 3.22 |
| Materials | 10 | 2.83 |
| Real Estate | 7 | -0.22 |
| Utilities | 12 | -1 |
| Mainland China Listed | 395 | 0.52 |
| Communication Services | 7 | 2.26 |
| Consumer Discretionary | 29 | 0.37 |
| Consumer Staples | 24 | -0.79 |
| Energy | 13 | -0.64 |
| Financials | 64 | -0.39 |
| Health Care | 32 | 1.24 |
| Industrials | 61 | 1.08 |
| Information Technology | 90 | 1.18 |
| Materials | 54 | 1.54 |
| Real Estate | 6 | 0.17 |
| Utilities | 15 | -0.37 |
| US & Hong Kong Dually Listed | Ticker | 1-Day Change (%) |
|---|---|---|
| Tencent HK | 700 HK Equity | 0.2 |
| Alibaba HK | 9988 HK Equity | -1.1 |
| JD.com HK | 9618 HK Equity | 3.5 |
| NetEase HK | 9999 HK Equity | -1.2 |
| Yum China HK | 9987 HK Equity | 0.8 |
| Baozun HK | 9991 HK Equity | -1.5 |
| Baidu HK | 9888 HK Equity | 2.3 |
| Autohome HK | 2518 HK Equity | 3.4 |
| Bilibili HK | 9626 HK Equity | 2.3 |
| Trip.com HK | 9961 HK Equity | -1.1 |
| EDU HK | 9901 HK Equity | -1.1 |
| Xpeng HK | 9868 HK Equity | 3.8 |
| Weibo HK | 9898 HK Equity | 2.8 |
| Li Auto HK | 2015 HK Equity | 3.3 |
| Nio Auto HK | 9866 HK Equity | 2.3 |
| Zhihu HK | 2390 HK Equity | 5.6 |
| KE HK | 2423 HK Equity | 1.7 |
| Tencent Music Entertainment HK | 1698 HK Equity | 2.3 |
| Meituan HK | 3690 HK Equity | 0.1 |
| Hong Kong’s Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| ALIBABA GROUP HOLDING LTD | -1.1 |
| XIAOMI CORP-CLASS B | 4.5 |
| TENCENT HOLDINGS LTD | 0.2 |
| SEMICONDUCTOR MANUFACTURI-H | 0.1 |
| MEITUAN-CLASS B | 0.1 |
| JD.COM INC-CLASS A | 3.5 |
| SENSETIME GROUP INC-CLASS B | 0 |
| BYD CO LTD-H | 2.4 |
| BAIDU INC-CLASS A | 2.3 |
| HUA HONG SEMICONDUCTOR LTD-H | 4.7 |
| Shanghai and Shenzhen’s Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| LUXSHARE PRECISION INDUSTR-A | -2.1 |
| ZHONGJI INNOLIGHT CO LTD-A | 2.6 |
| EOPTOLINK TECHNOLOGY INC L-A | 6 |
| CONTEMPORARY AMPEREX TECHN-A | 3.4 |
| VICTORY GIANT TECHNOLOGY -A | -2.6 |
| SUNGROW POWER SUPPLY CO LT-A | 3.7 |
| SEMICONDUCTOR MANUFACTURIN-A | -0.6 |
| HYGON INFORMATION TECHNOLO-A | 3.1 |
| FOXCONN INDUSTRIAL INTERNE-A | -0.2 |
| CAMBRICON TECHNOLOGIES-A | 0.9 |
Past performance is not indicative of future results.
Last Night’s Exchange Rates, Prices, & Yields
- CNY per USD 7.12 versus 7.13 yesterday
- CNY per EUR 8.36 versus 8.37 yesterday
- Yield on 10-Year Government Bond 1.90% versus 1.90% yesterday
- Yield on 10-Year China Development Bank Bond 1.96% versus 1.96% yesterday
- Copper Price +2.71%
- Steel Price +0.22%
—
Originally Posted September 25, 2025 – JD Focuses on AI, Xiaomi 17 Targets Apple’s 17
Author Positions as of 9/25/25 are KLIP, KBA, KALL, KCNY, KFYP, KCNY, KEMQ, BZUN, HSBC, KWEB, KHYB, LI US
Charts Source: KraneShares
Disclosure: KraneShares
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