02026 Overview

Stock Performance: PONY-W (02026.HK) experienced a decline of 9.500 (-8.017%) with significant short selling amounting to $272.23M and a ratio of 80.016%.

Operational Milestone: The company announced that its seventh-generation Robotaxi achieved monthly per-vehicle operational earnings in Shenzhen as of February, marking a significant breakthrough in first-tier cities.

Previous Achievement: Prior to Shenzhen, PONY-W recorded similar operational earnings in Guangzhou in November 2025.

Earnings Details: As of February 28, the average daily net income per vehicle for the Robotaxi was RMB338, with an average of 23 orders per vehicle per day.

Robotaxi Testing Update: PONY-W has suspended Robotaxi road testing in Dubai and Doha due to safety concerns but has decided to restart testing in Doha as of today.

Dubai Testing Status: The company plans to resume testing in Dubai at a later date, pending safety assurances, and will maintain communication with local regulators.

Market Performance: The Hang Seng Index (HSI) rose by 249 points (0.9%) to close at 26,630, with a total market turnover of HKD288.42 billion. The HSCEI and HSTECH also saw gains, closing at 8,859 and 5,137 respectively.

Property Sector Highlights: SHK PPT reported a nearly 17% increase in interim underlying profit, leading to a 7.1% rise in its stock price. Other property developers like New World Dev and CK Asset also experienced stock price increases.

MSCI Index Changes: Changes to the MSCI China Index constituents were noted, with stocks like HESAI-W and SENSETIME-W seeing significant gains of 4.4% and 4.9%, while PONY-W and YOFC surged over 10%.

Tech Sector Updates: In the tech sector, BIDU-SW reported a 42% YoY decline in non-GAAP net profit but slightly exceeded market expectations, leading to a minor stock rebound. Other tech stocks like Tencent and Netease also saw modest increases, while Alibaba and Kuaishou experienced slight declines.

MSCI China Index Changes: The MSCI China Index will add 37 stocks, including HESAI-W, PONY-W, SENSETIME-W, and YOFC, while removing 16 stocks such as Autohome and CHINA VANKE.

Stock Performance: HESAI-W increased by 3.4% to HKD217.6, PONY-W surged to HKD115.8 (up 7.5%), SENSETIME-W peaked at HKD2.64 (up 8.2%), and YOFC rose to HKD145.9 (up 7.9%).

Short Selling Data: Notable short selling figures include SENSETIME-W at $191.27M (11.527% ratio) and YOFC at $156.76M (6.958% ratio), indicating significant market activity.

Market Reactions: The changes in the MSCI China Index and the performance of the added stocks reflect investor sentiment and market dynamics in the Hong Kong stock market.

Stocks with Expected Weighting Increases: Stocks like SENSETIME-W and HESAI-W are expected to see significant increases in weighting, with inflows of US$422 million and US$147 million respectively, despite varying short selling ratios.

Stocks with Expected Weighting Decreases: TENCENT and BABA-W are among the stocks anticipated to experience decreases in weighting, with TENCENT facing a notable outflow of US$293 million due to high short selling activity.

US Retail Sales and Market Response: December retail sales in the US fell short of expectations, while the DJIA rose 0.1% amid speculation of a potential rate cut.

Hong Kong Market Performance: The Hong Kong stock market saw gains, with the HSI up 116 points (0.4%) and notable increases in the HSCEI and HSTECH indices.

Stock Movements and Short Selling: Significant short selling activity was reported, particularly for companies like SMIC and CHINA LIT, which experienced stock price declines despite some companies reporting profit increases.

Automakers' Stock Surge: Automakers led the market gains, with companies like Xiaomi and NIO seeing substantial stock price increases following positive developments in tech innovation and profit forecasts.