Technology stocks collectively declined today, dragging the Hang Seng Tech Index down by more than 2.5% in the afternoon. As of the latest update, Alibaba-W (09988) fell 4.07% to HKD 117.7; Kingsoft Software (03888) dropped 3.36% to HKD 22.4; Tencent (00700) declined 1.89% to HKD 487.2.
According to Zhitong Finance APP, technology stocks collectively declined today, dragging the Hang Seng Tech Index down by more than 2.5% in the afternoon. As of the latest update, Alibaba-W (09988) fell 4.07% to HKD 117.7; Kingsoft Software (03888) dropped 3.36% to HKD 22.4; Tencent (00700) declined 1.89% to HKD 487.2.
In terms of market news, following US President Trump’s recent warning that the US would launch “extremely intense” strikes against Iran within the next two to three weeks, risk assets including stock markets, cryptocurrencies, and high-yield bonds collectively shifted into a downward trajectory. Analysts pointed out that this speech resembled more of an initial mobilization for conflict rather than a summary after a month of war. Industrial Securities previously noted that the pace of short-term geopolitical conflicts is difficult to predict, and under external disturbances, Hong Kong stocks will experience “follow-up” volatility.
Additionally, HSBC released a research report stating that the AI monetization capabilities of Alibaba and Tencent have been systematically underestimated. The bank believes that the market remains confident about the long-term return on capital expenditures for both companies, as well as the sustainability of their free cash flow and balance sheets. The real concern lies in the rise in operating expense ratios caused by AI investments on the consumer side. If they can capture market share from the advertising sector, their revenues could increase by up to 11% by 2027.
















