Hong Kong Stocks Recap | All Hong Kong stocks declined across the board, Hengke down over 3%, Kuaishou down over 14%

Every reporter｜Zeng Zijian Every editor｜Yuan Dong

Today (March 26), the Hong Kong stock market has once again dipped.

As of the close, the Hang Seng Index reported 24856.43 points, down 479.52 points, a decrease of 1.89%.

The Hang Seng Technology Index closed at 4761.54 points, down 161.40 points, a decrease of 3.28%.

In terms of focus companies, insurance stocks led the decline, with China Life (HK02628) falling over 8%. In addition, New China Life dropped over 6%, Ping An of China fell over 3%, China Pacific Insurance and China Property & Casualty Insurance each fell over 2%.

China Life released its 2025 annual report last night. Although annual profits grew by 44%, it reported a single-quarter loss of 13.7 billion yuan in the fourth quarter, far below market expectations, directly triggering a sell-off. Huatai Securities pointed out that China Life’s annual net profit attributable to shareholders was 154.1 billion yuan, lower than the previous expectation of 171.8 billion yuan, mainly due to investment fluctuations, while overall performance showed strong growth.

Kuaishou-W (HK01024) fell over 14%, as the stock faced target price downgrades from brokerage institutions.

Morgan Stanley published a research report, lowering its earnings per share estimates for Kuaishou from 2026 to 2028 by 17% to 24%, with its target price reduced by 25% from 73 Hong Kong dollars to 55 Hong Kong dollars, maintaining its rating at “in line with the market.” Morgan Stanley stated that increasing investment in AI is common among Chinese tech stocks, but the significant slowdown in total revenue (particularly in online marketing) has raised concerns about investment returns.

On other fronts, the market saw a general decline in tech stocks, with Alibaba down over 4%, Meituan down over 3%, and NetEase, Bilibili, and Baidu each down over 2%, while JD.com rose over 1%. The semiconductor sector fell sharply, with Beike down over 12%. Gold stocks weakened, with Everest Gold down over 5%. New consumption stocks continued to weaken, with Pop Mart dropping another 10%, Mao Geping down over 7%, Blucase down over 6%, and Laopu Gold down over 4%.

In terms of funds, southbound funds recorded a small net purchase of Hong Kong stocks. As of the close, net purchases by southbound funds exceeded 3.3 billion Hong Kong dollars.

Outlook for the future market:

China Galaxy believes that if a long-term conflict occurs between the U.S. and Iran, the Hong Kong stock market will experience three phases of evolution: “short-term emotional impact, mid-term fundamental transmission, and long-term structural differentiation.” The investment strategy focuses on three main lines: cyclical sectors, financial and discretionary consumption at valuation bottoms, and technology sectors (self-controllable hard technology).

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Cover image source: Dong Xingsheng