Weekly | HK Stocks Defy Global Slump, Key Data Ahead!
Hong Kong stocks swung lower early in the week before staging a rebound. The $HSI(HSI)$ gained 1.29%, reclaiming the 26,000-point mark.
Globally, markets had a rough ride. The MSCI Asia Pacific Index posted its worst week since early August, while the $NASDAQ(.IXIC)$ tumbled nearly 3%.
AI Bubble Fears Grip Wall Street
Concerns over an “AI bubble” are spreading fast. Reports surfaced of “circular” transactions among OpenAI, $NVIDIA(NVDA)$ , and other AI-linked firms, drawing sharp scrutiny.
Add to that Palantir’s post-earnings plunge and news that famed bear Michael Burry’s Scion Asset Management is betting against Nvidia and Palantir — and you get a tech sell-off in full swing.
Weak U.S. Jobs and Rate Jitters
U.S. companies laid off over 150,000 workers last month — the most in 20 years. Within the Fed, opinions remain divided on whether to cut rates in December. Investor sentiment? Fragile at best.
Tech lagged, with computer and electronics shares leading declines. In contrast, chemicals, coal, and banking stocks surged.
Banks and energy names carry heavy weight in the Hang Seng, and combined with HK$38.7 billion in southbound inflows this week, they powered the index higher despite global weakness.
Still, Friday’s October export data disappointed — exports fell 1% YoY in USD terms, missing forecasts.
Next week brings more crucial data: October CPI and retail sales, alongside major earnings from Tencent and JD.com, which could set the market tone.
Major Events in Hong Kong Stocks This Week
U.S. Treasury Secretary Bessent urged the Fed to cut rates, warning parts of the U.S. economy are already in recession.
EV deliveries for October: $LEAPMOTOR(09863)$ topped 70,000, $ZEEKR(ZK)$ hit 60,000, while $XPENG-W(09868)$ $XIAOMI-W(01810)$ $NIO-SW(09866)$ each surpassed 40,000 units.
China’s Ministry of Finance clarified tax rules for gold trading.
Bitcoin briefly dipped below $100,000 this week.
Goldman Sachs and Morgan Stanley warned of a 10%+ global market correction.
$XPENG-W(09868)$ announced three self-developed Robotaxi models coming in 2026 and plans for large-scale humanoid robot production next year.
Hong Kong Exchanges and Clearing $HKEX(00388)$ Q3 profit surged 56% YoY to HK$4.9B, beating estimates.
$SERES(09927)$ ’s IPO was oversubscribed 131.68x but fell over 6% on debut.
China’s Tariff Commission adjusted retaliatory tariffs on U.S. goods.
Goldman Sachs turned bearish on $XIAOMI-W(01810)$ , keeping short positions through earnings season.
China’s exports fell 1% YoY in USD terms — below expectations.
PBoC extended its gold buying streak to 12 months straight.
Four Stocks Worth Attention Among Top Trading HK Stocks This Week
Top 1: $SERES(09927)$. The automaker debuted on HKEX with record 131.68x subscription, yet plunged 6% on its first day. Citigroup later slashed its A-share target by 22%, saying the “golden model cycle” is ending — shares kept falling.
Top 2: $XIAOMI-W(01810)$. Goldman reported hedge funds increased short bets on Xiaomi by 53% last week, citing delays, weak catalysts, and EV challenges. The stock hit a fresh short-term low.
Top 6: $POP MART(09992)$. Shares tumbled 7% after a PR slip-up in a livestream — a staffer called a ¥79 DIMOO blind box “a bit pricey.” The comment reignited debate over Pop Mart’s high-price strategy.
Top 7: $XPENG-W(09868)$. At its X9 Super Range Tech launch, XPeng unveiled its lifelike IRON humanoid robot, stealing headlines and lifting shares.
Next Week's Hong Kong Stock Market Events
Next Sunday: China will release October CPI and PPI — economists expect CPI to fall 0.1% YoY (vs. -0.3% last month).
Next Tuesday: China will release of aggregate financing and new yuan loans data.
Next Friday: China will lunch retail sales, industrial output, and home price data.
Corporate earnings: $JD.com(JD)$ $TENCENT(00700)$ $SMIC(00981)$ $BILIBILI-W(09626)$ all report next week — big catalysts ahead.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
