New energy vehicle stocks rose against the market trend, with higher oil prices benefiting China’s new energy vehicles. Chinese automakers have topped global sales rankings.
According to Zhitong Finance, the Hang Seng Index fell by 3.46%, or 875 points, to 24,402 points, while the Hang Seng Tech Index dropped by 3.1%. The morning trading volume of Hong Kong stocks reached HKD 192.4 billion.
New energy vehicle stocks rose against the market trend, benefiting from rising oil prices. Chinese automakers topped global sales rankings. Geely Auto (00175) increased by 4%, and Leapmotor (09863) rose by 2%.
Yadea Holdings (01585) surged over 10% in early trading. Its net profit for last year is expected to exceed RMB 2.9 billion, with the market optimistic about opportunities for electric two-wheelers amid high oil prices.
China Xuyang Group (01907) rose over 5%. Amid ongoing tensions in the Middle East, institutions remain bullish on the coal chemical sector under high oil price conditions.
The newly listed National Technology (02701) officially debuted on the Hong Kong Stock Exchange, achieving an ‘A+H’ listing, with its share price surging over 15% in early trading.
All domestic insurance stocks fell. Reports suggest that pressure from quarter-end solvency assessments has impacted the market. However, analysts noted that the effect should not be overstated. China Life Insurance (02628) dropped over 7%, while New China Life Insurance (01336) fell by 8%.
Sinopec (00386) declined by 3.42%. Its net profit attributable to shareholders last year decreased by 30% year-on-year, with a final dividend of RMB 0.112 per share.
With rising oil prices, airline stocks continued to decline. China Eastern Airlines (00670) fell over 10%, as airlines raised fuel surcharges for international routes.
Hong Kong banking stocks extended their losses amid escalating tensions in the Middle East. HSBC and Standard Chartered face significant profit pressures. HSBC Holdings (00005) and Standard Chartered Group (02888) both fell by 4%.
Non-ferrous metal stocks led declines. Conflicts in the Middle East have created policy dilemmas for central banks, with metals being highly sensitive to macro interest rates. Chifeng Gold (06693) plummeted over 25%, Shandong Gold (01787) fell over 8%, and Aluminum Corporation of China (02600) declined over 5%.
