7th January 2025 – (Hong Kong) The Hang Seng Index has opened down by 186 points, representing a decline of 0.94%, to rest at 19,501. Meanwhile, the National Enterprises Index dropped by 65 points or 0.92%, closing at 7,069, while the Technology Index fell by 42 points, a decrease of 0.96%, to reach 4,352.
Technology stocks faced widespread declines, with Tencent suffering a significant drop of 7% after the company was added to a list of “Chinese military companies” by the U.S. Department of Defense. Other tech giants remained relatively stable, with Alibaba and Meituan showing no change, Xiaomi Group down by 0.6%, JD.com opening flat, and Kuaishou slipping by 0.2%.
In the financial sector, stocks exhibited mixed performance. HSBC Holdings declined by 0.1%, AIA Insurance fell by 1.4%, while China Ping An saw a slight increase of 0.2%. The Hong Kong Stock Exchange also dipped by 0.2%.
Additionally, MINISO Group Holding Ltd announced plans to issue securities linked to its stocks, resulting in a 7.3% drop in its share price.
