CICC Research: Chinese Online Platform Stocks Gain Appeal; Top Picks Include TENCENT, KUAISHOU, NTES, and More
Market Sentiment and Valuation: The overall market sentiment has turned negative, leading to a correction in the sector, with valuations currently between the mean and the 25th percentile.
Fundamental Performance: Despite the negative sentiment, the sector shows solid fundamentals with healthy growth in advertising and gaming, particularly for companies like TENCENT, which continues to improve profit margins.
Investment Recommendations: CICC recommends TENCENT as a core investment, while also suggesting attention to KUAISHOU-W, NTES-S, NEWBORNTOWN, and BILIBILI-W, as they are entering a 'reasonable' range of projected PE ratios.
Valuation Insights: Most Chinese online platform companies are projected to have PE ratios of 15-20x by 2026, indicating potential for growth if results exceed expectations, although BILIBILI-W remains at a high valuation compared to others in the sector.
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Short Selling Activity Reaches $68.7B, Representing 22.1% of Eligible Securities Turnover at Market Close
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $68.7 billion, accounting for 22.1% of the eligible securities turnover, a decrease from 24.4% on the previous trading day.
Top Short Selling Shares: The top five shares with the highest short selling amounts include TRACKER FUND (48.9% ratio, $10.37B), CSOP HS TECH (31% ratio, $5.74B), HSCEI ETF (40.8% ratio, $5.18B), TENCENT (14.7% ratio, $1.91B), and PETROCHINA (32% ratio, $1.62B).
TRACKER FUND Performance: TRACKER FUND saw a decrease of 0.320 (-1.218%) with a significant short selling turnover of $10.37 billion.
Other Notable Stocks: CSOP HS TECH and HSCEI ETF also experienced notable short selling activity, with respective turnovers of $5.74 billion and $5.18 billion, reflecting investor sentiment in the market.
HSI Closes 291 Points Lower; Commodity Stocks Decline, While PetroChina Rises 5%
Market Overview: The US-Iran war escalation negatively impacted global stock markets, with the Hong Kong stock market closing lower; the HSI fell by 1.1% to 25,768 points.
Gas and Oil Stocks Performance: KUNLUN ENERGY rose by 1.7%, while SINOPEC CORP dropped by 2.7%. PETROCHINA and CNOOC saw significant gains of 5% and 3.2%, respectively.
Decline in Gold and Lithium Stocks: Gold and silver stocks experienced substantial losses, with companies like SD GOLD and ZHAOJIN MINING falling between 5-6.3%. Lithium stocks also plummeted, with TIANQI LITHIUM and GANFENGLITHIUM down by 8.1% and 10.9%.
Tech Sector Movements: Major tech stocks like TENCENT and BABA-W saw slight declines, while NTES-S gained 1.4%, potentially benefiting from its inclusion in the Southbound Stock Connect.
<Daily Summary> HSI Falls by 291 Points; HSTI Declines by 112 Points; XIAOMI Drops More Than 4%; PETROCHINA, CNOOC, OOIL, UNITEDENERGY GP, and COSCO SHIP HOLD Reach New Peaks; Market Turnover Increases
Market Performance: The Hang Seng Index (HSI) fell by 291 points (1.1%) to close at 25,768, with a total market turnover of $370.55 billion.
Active Heavyweights: Major stocks like Xiaomi, Meituan, and Alibaba experienced declines, with Xiaomi dropping 4.7% and Meituan down 2.3%.
Notable Movers: Xinyi Solar and Zijin Mining saw significant losses, with Xinyi Solar down 6.3% and Zijin Mining down 6.1%, while ENN Energy and PetroChina gained 5.1% and 5%, respectively.
Short Selling Trends: High short selling ratios were observed in several stocks, including Ping An at 27% and BYD Electronic at 28.6%, indicating increased bearish sentiment among investors.
Soochow Securities Reveals Top 10 Net Purchases and Sales of Southbound Funds in Hong Kong Stocks (Table)
Southbound Capital Inflows: Southbound capital inflows into Hong Kong stocks slowed last week, with a net inflow of HK$6.7 billion, primarily in the information technology, consumer discretionary, and real estate sectors, while telecoms and utilities experienced net outflows.
Top Net Buys: The top net buys included MEITUAN-W, XIAOMI-W, and TENCENT, with significant short selling activity reported for these stocks.
ETF Inflows: There was an acceleration in net inflows into ETFs investing in the Hong Kong market, totaling HK$444.26 billion, with Southbound Stock Connect ETFs seeing a net inflow of HK$1.9 billion.
Top Net Sells: The top net sells over the past two weeks included ZIJIN MINING, CHINA LIFE, and POP MART, indicating a trend of capital outflow from these stocks.
Short Selling Activity Reaches $31.6B, Representing 21.5% of Eligible Securities Turnover by Midday
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $31.6 billion at midday, accounting for 21.5% of the eligible securities turnover, a decrease from 24.4% on the previous trading day.
Top Short Selling Shares: The top five shares with the highest short selling amounts include TRACKER FUND (47.5% ratio, $4.52B), CSOP HS TECH (29.7% ratio, $2.86B), HSCEI ETF (41.4% ratio, $2.75B), TENCENT (13.9% ratio, $992M), and CNOOC (13% ratio, $798M).
Market Performance: TRACKER FUND and CSOP HS TECH experienced declines of 0.533% and 1.922%, respectively, while TENCENT and CNOOC saw slight increases of 0.195% and 4.862%.
Data Delay Notice: It is noted that the stock quotes for HK are delayed by at least 15 minutes, and the short selling data is as of March 3, 2026, at 12:25 PM.
HSI Declines 74 Points at Midday; PETROCHINA Surges 4%; SHANDONG MOLONG Jumps 59%
Market Performance: The HSI fell 74 points (0.3%) to 25,985, while the HSCEI and HSTECH also experienced declines, with total half-day turnover reaching HKD187.565 billion.
Energy Stocks Movement: KUNLUN ENERGY saw a 3.2% increase, while SINOPEC CORP dipped 1.8%. In contrast, PETROCHINA and CNOOC rallied by 4% and 2.3%, respectively.
Tech Sector Trends: Major tech stocks like TENCENT and BABA-W saw slight gains, while KUAISHOU-W and MEITUAN-W experienced minor declines.
Automotive Sector Decline: BYD COMPANY, XIAOMI-W, and other automotive stocks faced significant losses, with declines ranging from 2.2% to 5.5%.
Short Selling Activity Reaches $68.7B, Representing 22.1% of Eligible Securities Turnover at Market Close
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $68.7 billion, accounting for 22.1% of the eligible securities turnover, a decrease from 24.4% on the previous trading day.
Top Short Selling Shares: The top five shares with the highest short selling amounts include TRACKER FUND (48.9% ratio, $10.37B), CSOP HS TECH (31% ratio, $5.74B), HSCEI ETF (40.8% ratio, $5.18B), TENCENT (14.7% ratio, $1.91B), and PETROCHINA (32% ratio, $1.62B).
TRACKER FUND Performance: TRACKER FUND saw a decrease of 0.320 (-1.218%) with a significant short selling turnover of $10.37 billion.
Other Notable Stocks: CSOP HS TECH and HSCEI ETF also experienced notable short selling activity, with respective turnovers of $5.74 billion and $5.18 billion, reflecting investor sentiment in the market.
HSI Closes 291 Points Lower; Commodity Stocks Decline, While PetroChina Rises 5%
Market Overview: The US-Iran war escalation negatively impacted global stock markets, with the Hong Kong stock market closing lower; the HSI fell by 1.1% to 25,768 points.
Gas and Oil Stocks Performance: KUNLUN ENERGY rose by 1.7%, while SINOPEC CORP dropped by 2.7%. PETROCHINA and CNOOC saw significant gains of 5% and 3.2%, respectively.
Decline in Gold and Lithium Stocks: Gold and silver stocks experienced substantial losses, with companies like SD GOLD and ZHAOJIN MINING falling between 5-6.3%. Lithium stocks also plummeted, with TIANQI LITHIUM and GANFENGLITHIUM down by 8.1% and 10.9%.
Tech Sector Movements: Major tech stocks like TENCENT and BABA-W saw slight declines, while NTES-S gained 1.4%, potentially benefiting from its inclusion in the Southbound Stock Connect.
<Daily Summary> HSI Falls by 291 Points; HSTI Declines by 112 Points; XIAOMI Drops More Than 4%; PETROCHINA, CNOOC, OOIL, UNITEDENERGY GP, and COSCO SHIP HOLD Reach New Peaks; Market Turnover Increases
Market Performance: The Hang Seng Index (HSI) fell by 291 points (1.1%) to close at 25,768, with a total market turnover of $370.55 billion.
Active Heavyweights: Major stocks like Xiaomi, Meituan, and Alibaba experienced declines, with Xiaomi dropping 4.7% and Meituan down 2.3%.
Notable Movers: Xinyi Solar and Zijin Mining saw significant losses, with Xinyi Solar down 6.3% and Zijin Mining down 6.1%, while ENN Energy and PetroChina gained 5.1% and 5%, respectively.
Short Selling Trends: High short selling ratios were observed in several stocks, including Ping An at 27% and BYD Electronic at 28.6%, indicating increased bearish sentiment among investors.
Soochow Securities Reveals Top 10 Net Purchases and Sales of Southbound Funds in Hong Kong Stocks (Table)
Southbound Capital Inflows: Southbound capital inflows into Hong Kong stocks slowed last week, with a net inflow of HK$6.7 billion, primarily in the information technology, consumer discretionary, and real estate sectors, while telecoms and utilities experienced net outflows.
Top Net Buys: The top net buys included MEITUAN-W, XIAOMI-W, and TENCENT, with significant short selling activity reported for these stocks.
ETF Inflows: There was an acceleration in net inflows into ETFs investing in the Hong Kong market, totaling HK$444.26 billion, with Southbound Stock Connect ETFs seeing a net inflow of HK$1.9 billion.
Top Net Sells: The top net sells over the past two weeks included ZIJIN MINING, CHINA LIFE, and POP MART, indicating a trend of capital outflow from these stocks.
Short Selling Activity Reaches $31.6B, Representing 21.5% of Eligible Securities Turnover by Midday
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $31.6 billion at midday, accounting for 21.5% of the eligible securities turnover, a decrease from 24.4% on the previous trading day.
Top Short Selling Shares: The top five shares with the highest short selling amounts include TRACKER FUND (47.5% ratio, $4.52B), CSOP HS TECH (29.7% ratio, $2.86B), HSCEI ETF (41.4% ratio, $2.75B), TENCENT (13.9% ratio, $992M), and CNOOC (13% ratio, $798M).
Market Performance: TRACKER FUND and CSOP HS TECH experienced declines of 0.533% and 1.922%, respectively, while TENCENT and CNOOC saw slight increases of 0.195% and 4.862%.
Data Delay Notice: It is noted that the stock quotes for HK are delayed by at least 15 minutes, and the short selling data is as of March 3, 2026, at 12:25 PM.
HSI Declines 74 Points at Midday; PETROCHINA Surges 4%; SHANDONG MOLONG Jumps 59%
Market Performance: The HSI fell 74 points (0.3%) to 25,985, while the HSCEI and HSTECH also experienced declines, with total half-day turnover reaching HKD187.565 billion.
Energy Stocks Movement: KUNLUN ENERGY saw a 3.2% increase, while SINOPEC CORP dipped 1.8%. In contrast, PETROCHINA and CNOOC rallied by 4% and 2.3%, respectively.
Tech Sector Trends: Major tech stocks like TENCENT and BABA-W saw slight gains, while KUAISHOU-W and MEITUAN-W experienced minor declines.
Automotive Sector Decline: BYD COMPANY, XIAOMI-W, and other automotive stocks faced significant losses, with declines ranging from 2.2% to 5.5%.
