Hong Kong stocks closing review: The Hang Seng Index rose over 770 points, the Tech Index surged 5.22% to surpass 4,900 points, technology stocks, semiconductors, and gold stocks gained strength, while oil and coal stocks declined against the trend.

Ask AI · How does easing geopolitical risks promote leading gains in Hong Kong tech stocks?

On April 8, a two-week ceasefire was exchanged for the reopening of the Strait of Hormuz, leading to a significant rebound in global risk assets. Hong Kong’s three major stock indices opened sharply higher and then oscillated and rebounded. By the close, the Hang Seng Index rose 3.09% to 25,893.02 points, the Hang Seng Tech Index increased 5.22% to 4,923.25 points, the State-owned Enterprise Index gained 2.61% to 8,677.31 points, and the Red Chip Index rose 2.03% to 4,255.32 points.

In the market, large tech stocks mostly rose, with Alibaba up 6.75%, Tencent Holdings up 3.84%, JD.com up 3.63%, Xiaomi Group up 6.09%, NetEase up 2.17%, Meituan up 10.28%, Kuaishou up 4.01%, Bilibili up 5.83%; the semiconductor sector surged collectively, with Huahong Semiconductor up over 14%, Shanghai Fudan up over 11%, and Semiconductor Manufacturing International Corporation up over 10%; Apple concept stocks performed strongly, with Wistron NeWeb up over 10%; gold stocks strengthened, with Zhufeng Gold up over 13%; oil and coal stocks declined against the trend, with Shandong Moly near a 13% drop, Sinopec Oilfield Services down over 4%, Yankuang Energy down nearly 4%, and China Coal Energy down over 2%.

Company News

Yuexiu Property (00123.HK): Total contracted sales in the first three months amounted to approximately 17.21B yuan; March contracted sales were 10.1 billion yuan, down 43.9% year-on-year.

GAC Group (02238.HK): Cumulative sales for the first three months were about 379.9k units, up 2.38% year-on-year; March sales were about 176.9k units, up 1.68% year-on-year.

ChinaSoft International (01020.HK): Established a strategic partnership with Zero One All Things to jointly develop artificial intelligence entities in the intellectual property field.

Feiyu Technology (01022.HK): Subsidiary signed a game business cooperation framework agreement with Tencent Computer.

Tianhong International Group (02678.HK): Signed a restructuring framework agreement for the 50 MW project at the Vietnam Hai River Industrial Park.

Agile Group (03383.HK): Pre-sales in the first three months totaled about 1.82 billion yuan, a 35.46% decrease year-on-year.

Country Garden (02007.HK): Achieved approximately 2.23 billion yuan in contracted sales attributable to the company’s shareholders in March.

Cofco Tech Holdings (08391.HK): Spark completed the first phase of development, successfully raising 51.3 million HKD in the second phase.

PAG Biopharmaceuticals B (02565.HK): The research summary related to CR059 was accepted and included as a breakthrough abstract at the American Diabetes Association’s 2026 Scientific Sessions.

Lingbao Gold (03330.HK): Completed subscription for over 50%+1 shareholding in St Barbara Mining Pty Ltd.

Brain Aurora-B (06681.HK): Became a strategic partner of Beijing Frontier Brain-Computer Interface Research Institute, jointly promoting the clinical transformation of key brain-computer interface technologies.

Xiaomi Group-W (01810.HK): Spent 395 million HKD to repurchase 12.8236 million shares at a price range of 2.48-2.7 HKD.

Tencent Holdings (00700.HK): Spent about 300 million HKD to repurchase 615k shares at a price range of 485.2-496 HKD.

AIA Group (01299.HK): Spent 217 million HKD to repurchase 2.5078 million shares at a price range of 85.4-87.65 HKD.

Pop Mart (09992.HK): Spent 99.1592 million HKD to repurchase 700k shares at a price range of 140.9-142.3 HKD.

Kuaishou-W (01024.HK): Spent 49.3875 million HKD to repurchase 1.1 million shares at a price range of 44.82-45.08 HKD.

Fuwa Glass (03606.HK): Issued 550 million HKD in ultra-short-term financing bonds.

Institutional Views

Galaxy Securities: Hong Kong stocks are currently in a triple window period of geopolitical risk fluctuations, earnings verification during the earnings season, and capital market divergence. Overall, the market is likely to maintain a oscillating and differentiated pattern, making trend-based rallies unlikely. Investment strategies should shift from “general rally for rebound” to “structured profit-taking.” The main investment themes are: cyclical sectors, finance and discretionary consumption, and technology sectors.

CITIC Construction Investment: Since February 2026, Hong Kong stocks entered a rapid adjustment phase, with the Hang Seng Index and Hang Seng Tech Index both falling sharply, and the decline being significant in stages. However, the bull market in Hong Kong stocks has not ended; this correction is a typical mid-term adjustment in a bull market rather than a trend reversal. It is currently a good window for active long positions within the year. From a long-term perspective, this adjustment only impacts market valuation and short-term risk appetite, not the core theme of profit recovery in Hong Kong stocks. Regarding overseas liquidity, TACO recently signaled marginal improvement, and external liquidity and market sentiment have shown signs of easing. For institutional investors, conditions are now favorable for left-side positioning. If external shocks do not further escalate, Hong Kong stocks are likely to exit the adjustment zone and return to a oscillating upward channel. The market will shift from valuation-driven to profit-driven, focusing on high-quality structural opportunities.

BOCOM International: The main disturbance in Hong Kong stocks in March was not from fundamentals but from Middle Eastern geopolitical uncertainty. If conflicts do not escalate further in April, the risk premium accumulated earlier is expected to gradually release, providing room for valuation recovery. The upcoming US-China summit will be a focus for market sentiment. Coupled with technical pressures from earnings reports and lock-up periods, these are expected to gradually clear in April, allowing Hong Kong stocks to transition from high-volatility oscillation to a phase of bottoming and stabilization.