Hong Kong Stock Market Closing Review: Hang Seng Index up 1.09%, China Enterprises Index up 1.91%. The "Big Three" in food delivery surged, with Meituan rising nearly 14%. Pop Mart dropped over 22%.

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March 25 news: All three major indexes in Hong Kong stocks rose collectively. As of the close, the Hang Seng Index rose 1.09% to 25,335.95 points, the Hang Seng Tech Index rose 1.91%, and the Hang Seng Enterprises Index rose 0.98%. On the trading board, internet-related stocks saw mixed performance: Meituan rose more than 13%, JD.com and Alibaba rose more than 4%, and Tencent fell more than 1%; power nuclear stocks were strong, with China Nuclear International rising more than 8%; and new consumer concept stocks declined, with Pop Mart falling more than 22%.

In the afternoon, the “three delivery giants” moved up, with Meituan rising more than 13%. Today, the State Administration for Market Regulation has reposted a commentary article from Economic Daily titled “The takeaway delivery wars should end.” The article says the takeaway delivery war affects not only restaurant owners’ ledgers, but also ordinary people’s livelihoods. When restaurant consumption, which acts as a “stabilizer,” loses momentum due to price wars, the chill the broader economy feels will ultimately filter down to each micro individual. Healthy competition should be a benign contest of technological innovation, efficiency improvements, and service optimization. Healthy competition should be a benign contest of technological innovation, efficiency improvements, and service optimization—not a money-burning game that relies on stacking capital, nor a zero-sum game that uses a monopolistic position to control traffic and force everyone to take sides. Let takeaway delivery prices return to a reasonable range, help the catering industry get out of the predicament of “dead without subsidies, chaos with subsidies,” and shift market competition from “who burns more money” to “who offers better service”—this is truly beneficial to businesses and people. Price wars don’t go far; inward competition has no winners. The takeaway delivery war should end.

Power nuclear stocks were strong, with China Nuclear International rising more than 8%. Microsoft and NVIDIA announced they will join hands to advance the “AI for nuclear” initiative, aiming to use AI tools to accelerate the construction and operation of nuclear power plants and meet the massive energy demand brought by the rapid expansion of the AI industry. Bradley Smith, Vice Chairman and President of Microsoft, publicly announced the cooperation at the CERAWeek energy conference on Tuesday. He said: The two companies have truly created a set of solutions that are expected to play an important role in driving the expansion of nuclear power construction.

New consumer concept stocks fell, with Pop Mart down more than 22%. At the 2025 annual results press conference, the company’s founder, Chairman and CEO Wang Ning proposed that in 2026 the company should “strive to achieve a growth rate of no less than 20%,” and emphasized that “this year we will not pursue aggressive growth that increases revenue but not profit; we will pursue the company’s long-term, steady growth.” Against the backdrop of an extremely high base—2025 revenue up 184.7% year over year and net profit up 308.8% year over year—this relatively conservative growth target triggered a strong reaction in the market.

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Editor: Hao Xinyu