【Hong Kong Stock Market】Middle East War Rattles Asian Stocks, Hang Seng Index Falls 1000 Points; AIA Drops 8%, HSBC and Standard Chartered Fall 4%; Geely Rallies Against the Trend (Continuously Updated)

【Hang Seng Index / Hang Seng / HSIC / Hang Seng / HSI / Hong Kong Stocks / Night Futures / ADR】 The escalation of Middle East war tensions rattles Asia-Pacific markets. The Hang Seng Index opened down 488 points at 24,789, then extended losses, dropping 875 points by midday to 24,402. Turnover was HKD 192.38 billion. The Tech Index fell 3.1% to 4,721. HSBC (00005) and Standard Chartered (02888) both declined 4%. AIA (01299) fell 7%. ATM stocks dropped nearly 2% to over 3%, PetroChina (00857) declined 0.9%, CNOOC (00883) softened 0.5% after hitting a high, BYD (01211) rose 0.7% against the trend, and Geely (00175) increased 4%.

U.S. stocks are continuously updating; see the next page for details.

Financial Daily:

▲ Financial Daily

Market Movements:

【14:06】 Hang Seng plunges 1,000 points, AIA drops 8%, HSBC and Standard Chartered fall over 4%.

【13:42】 Alibaba (09988) drops over 3%, hitting a low of HKD 119.1.

【AI+9988】 Alibaba reportedly launches AI ride-hailing feature allowing complete booking process in one sentence; also rumored to release a major chip product tomorrow.

【13:33】 Hang Seng down nearly 915 points, at 24,362, with HKD 220 billion in turnover. The Tech Index drops 3.4% to 4,707.

【13:28】 China Resources Beer (00291) shares fall 50% after earnings, low at HKD 23.66.

【13:27】 Market drops again to around 24,400 points.

【13:01】 Hong Kong stocks fall about 825 points in early afternoon, at 24,453, with HKD 196.2 billion in turnover. The Tech Index declines nearly 3% to 4,727.

【12:24】 China Resources Beer (291) reports full-year profit down 29%, but dividends increase, with a final dividend of HKD 0.557, up 44%.

【12:24】 Public transport fare discount plan adjusted to “HKD 2 at half price,” effective April 3.

【12:18】 Kerry Properties (683) reports 2022 net profit of HKD 2 billion, down 22%, maintains final dividend of HKD 0.95, with a dividend yield of 6.4%.

【12:00】 Hang Seng half-day decline of 875 points, at 24,402, with HKD 192.38 billion in turnover. The Tech Index down 3.1% to 4,721. HSBC (00005) and Standard Chartered (02888) both down 4%, AIA (01299) down 7%. ATM stocks fell nearly 2% to over 3%, PetroChina (00857) down 0.9%, CNOOC (00883) softened 0.5%, BYD (01211) rose 0.7%, and Geely (00175) up 4%.

【11:58】【Major Banks’ Views】 Chinese tech companies increase AI spending amid short-term pain, says Credit Suisse Private Bank’s Zhao Yingyan; recommends cautious AI investment.

【11:58】【Major Banks’ Views】 Warren Buffett’s Guo Jing: Internet stocks remain under pressure due to Middle East conflict and unclear rate cut path, causing short-term liquidity pressure in Hong Kong stocks.

【11:41】 China Hongqiao (01378) drops over 11%, low at HKD 30.1. Full-year net profit about RMB 22.64 billion, up 1.2%, with a final dividend of HKD 1.65 per share, up 61.8%.

【11:38】 China Development High-Level Forum 2026: Lei Jun states Xiaomi’s R&D investment plan will exceed RMB 200 billion over the next five years.

【11:16】 Market’s decline widens, once dropping 880 points below 24,400, low at 24,396.

【11:05】【Internet Brokerage】 U.S. brokerage Firstrade plans to enter Hong Kong, reportedly hiring ROs and applying for licenses, offering “zero commission.”

【11:04】【Under Luo Xurui】 Rich Industry Trust sells HKD 1.5 billion of Rich Eastern Hotel; Centaline plans to convert to student dormitories.

【10:47】 Market further declines, down over 800 points, Hang Seng at 24,460, down 816, with HKD 143.2 billion in turnover. The Tech Index drops 2.5% to 4,751.

【10:03】【17】 K11 MUSEA updates luxury brand leasing plan, over 30% of space leased, expecting double-digit rent increases.

【10:02】【1099 Earnings】 China National Pharmaceutical (1099) reports 1.5% profit increase last year, with a final dividend of RMB 0.69.

【09:58】 Hong Kong stocks early decline of 700 points, at 24,576, with HKD 85.4 billion in turnover. The Tech Index down 1.9% to 4,779. AIA (01299) down nearly 6%, HSBC (00005) down nearly 4%, BYD (01211) up over 2%, Geely (00175) up over 4%.

【09:52】Towngas (00003) drops 3% after earnings, low at HKD 7.01.

【Towngas 003 Earnings】 China Towngas: expects pressure to raise prices this year, specific increase uncertain; final dividend maintained at HKD 0.23.

【09:47】Faster Innovation (03355) debuts at HKD 56, 34.6% above IPO price of HKD 41.6, earning HKD 1,440 per lot of 100 shares. Guo Nian Technology (02701) opens at HKD 14.3, 32.4% above IPO, earning HKD 700 per lot of 200 shares.

【New IPOs】Faster Innovation (3355) opens 34.6% higher, earning HKD 1,440 per lot; oversubscribed 1,578.7 times. Guo Nian Technology (2701) opens 32.4% higher, earning HKD 700 per lot; oversubscribed 130.8 times.

【09:44】Chifeng Gold (06693) resumes trading, drops over 20% early, low at HKD 31.2. Zijin (02899) down 4%, Zijin Gold International (02259), Zhaojin (01818) down 2%, Lingbao Gold (03330) down nearly 9%.

【Gold Price Trend】 Spot gold briefly drops near USD 4,300, with local gold price down HKD 1,000 per tael from high, retreating HKD 10,000 from peak.

【Zijin Mines (02899) Earnings】 RMB 62.4 billion profit last year, up 62%, with a final dividend of RMB 0.38 per share.

【Zijin Gold International (02259) Earnings】 First full-year results since listing, net profit surged 2.3 times, with a final dividend of HKD 1.5.

【09:22】 Hang Seng opens down 488 points at 24,789, with HKD 8.42 billion in turnover. The Tech Index down 1.9% to 4,780. HSBC (00005) and AIA (01299) both down over 3%, Alibaba (09988) down over 2%, Tencent (00700) down 2%.

【09:08】 Hang Seng futures down about 556 points, at 24,694.

【08:59】【66,93】 Chifeng Gold becomes the largest shareholder after Zijin’s investment.

【07:38】【IPO】 Copper Master (664) plans to raise up to HKD 500 million, specializes in copper cultural and creative products, licensed IPs include Nezha, Transformers, G.I. Joe. Entry fee HKD 6,869.

【07:58】【IPO】 Fourier (3625) plans to raise up to HKD 600 million, supplier of power amplifier chips and tactile feedback chips, entry fee HKD 5,050.

【07:45】【Morning Brief】 US-Iran threaten to target civilian infrastructure; Xiaomi reports earnings Tuesday; memory stocks under pressure.

【07:45】 US rate hike expectations rise, 10-year Treasury yield jumps to 4.38%, night futures close down 525 points at 24,725, China concept stocks fall 2.9% to 6,742, HSBC ADR down nearly 3%.

| ADR | HKD Equivalent | Change from HK close | | Meituan ADR | 77.35 | -2.27% | | Tencent ADR | 497.42 | -2.08% | | HSBC ADR | 120.56 | -3.17% | | Alibaba (US) | 119.86 | -3.10% |

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【07:30】 Iran conflict intensifies; President Trump on Friday states, “I don’t want a ceasefire.” Energy prices fluctuate, Dow drops over 600 points at times; US 10-year Treasury yield hits six-month high, market now expects a 40% chance of rate hike in September. Dow closes down 443 points at 45,577; S&P 500 drops 1.51%; Nasdaq falls 2.01%.

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