Zhi Tong Cai Jing·2025-08-25 08:09Group 1 - The Hang Seng Tech Index saw a significant increase of over 3% in early trading, driven by gains in major tech stocks such as Baidu, Alibaba, Kuaishou, Meituan, and Tencent, with Baidu rising by 5.37% to HKD 90.25 and Alibaba increasing by 5.17% to HKD 124.1 [1] - A new draft regulation titled "Internet Platform Pricing Behavior Rules" has been released for public consultation, focusing on pricing autonomy, price marking behavior, competitive pricing, and consumer price rights protection, consisting of 30 articles across seven chapters [1] Group 2 - The Hang Seng Tech Index has underperformed in the current market cycle, influenced by the "takeaway battle" affecting profit expectations and the weak Hong Kong dollar leading to liquidity tightening by the Hong Kong Monetary Authority [2] - Since the end of June, the Hong Kong Monetary Authority has been withdrawing liquidity to stabilize the currency, resulting in a return to normal liquidity levels and a significant appreciation of the Hong Kong dollar, suggesting limited room for further tightening [2] - At the Jackson Hole global central bank meeting, Fed Chairman Jerome Powell indicated that adjustments to policy may be necessary due to changes in the balance of risks, which could enhance expectations for global liquidity easing and improve the liquidity outlook for Hong Kong stocks, indicating potential for a rebound in the Hang Seng Tech Index [2]