Southeast Asia Information Port News (www.dnyxxg.com) February 20th, Hong Kong stocks opened for the first trading day of the Lunar New Year (Year of the Horse), with the market showing significant structural divergence. At the close, the Hang Seng Index stood at 26413.35 points, down 1.1%, while the Hang Seng Tech Index fell 2.91%. Meanwhile, large-scale model and robotics concept stocks bucked the trend and surged, becoming highlights of the market.
In terms of sectors, the artificial intelligence (AI) large-scale model sector performed strongly, with Zhipu surging nearly 43% and MINIMAX rising over 14%, both companies' market capitalizations exceeding HK$300 billion. Robotics concept stocks also rose, with Yuejiang rising over 21%, Shoucheng Holdings rising nearly 12%, and Sanhua Intelligent Control and UBTECH both rising nearly 5%.
Hong Kong Exchanges and Clearing Limited (HKEX) held its Lunar New Year opening ceremony on the same day. Hong Kong Financial Secretary Paul Chan Mo-po attended and delivered a speech, stating that in the past four Years of the Horse, Hong Kong stocks recorded gains in three years, all achieving double-digit increases. In the Year of the Snake, the Hang Seng Index rose nearly 6,500 points, a 32% increase, marking its best performance in a Year of the Snake in history. He pointed out that despite the complex and volatile external environment, Hong Kong, with its free and open investment environment and stable economic and financial policies, has become a safe haven for capital, attracting international investors to increase their allocation to the Hong Kong market.
He believes that technological change is accelerating, with artificial intelligence, life sciences, and even quantum computing reshaping the competitiveness of economies and profoundly impacting stock market development and valuations. The Hong Kong stock market has undergone several rounds of reforms in recent years to support the listing of new technology companies and align with the development of the new economy. Future market reforms will continue, such as reviewing the "dual-class share structure" framework to attract more future innovative technology companies to list in Hong Kong.
Hong Kong Exchanges and Clearing Limited (HKEX) Chief Executive Officer, Chen Yiting, stated that in recent years, companies listing in Hong Kong have covered the hottest industries, including new energy, artificial intelligence, electric vehicles, and biotechnology, encompassing the entire industry chain and continuously enriching their product portfolios. This year, Hong Kong's IPO market has had a strong start, with over 20 IPOs completed, raising over US$10 billion.
She mentioned that the companies currently queuing for listing on the HKEX include a large number of high-quality mainland Chinese companies as well as numerous international companies. In the future, the HKEX will continue to optimize its listing rules to further solidify Hong Kong's core position as an international corporate fundraising platform.
Hong Kong Stock Analysts Association Chairman, Deng Shengxing, believes that Hong Kong stocks may remain volatile in the short term, but the overall trend for the year is optimistic, with the Hang Seng Index potentially reaching 31,000 to 32,000 points. He cautioned investors against the risk of a mismatch between valuation and earnings in the AI sector, while also suggesting attention to the precious metals and non-ferrous metals sectors. These assets benefit from increased demand driven by AI and data center construction and possess higher strategic allocation value against the backdrop of geopolitical tensions. (End)
