TENCENT(HK:00700) Jin Rong Jie·2025-12-17 08:21Market Performance - The Hong Kong stock market experienced a narrow fluctuation in the morning and a strong rally in the afternoon, with the Hang Seng Index rising by 0.92% to 25,468.78 points, the Hang Seng Tech Index increasing by 1.03% to 5,457.95 points, and the National Enterprises Index up by 0.98% to 8,843.57 points [1] - Major technology stocks mostly rose, with Alibaba up 1.25%, Tencent Holdings up 1.42%, JD Group up 1.26%, and Meituan up 1.81% [1] - The aviation sector showed strong performance, with China Southern Airlines rising over 5%, while financial stocks also saw gains, with China Life Insurance increasing over 4% [1] - The metals sector led the gains, with Tianqi Lithium up nearly 6%, Ganfeng Lithium up over 5%, and Luoyang Molybdenum up over 2% [1] - Semiconductor stocks also rose, with Shanghai Fudan up 4%, Huahong Semiconductor up nearly 3%, and SMIC up over 2% [1] Corporate News - China Energy Construction (03996.HK) announced the official operation of the first phase of the Zhongnengjian Songyuan Hydrogen Energy Industrial Park project [2] - China Pacific Insurance (02601.HK) reported that its cumulative original insurance premium income for the first 11 months reached RMB 250.32 billion, a year-on-year increase of 9.4%, while its property insurance premium income was RMB 187.68 billion, up 0.3% [2] - Hansoh Pharmaceutical (03692.HK) entered into a licensing agreement with Glenmark for Amivantamab, which includes an upfront payment and potential milestone payments exceeding USD 1 billion [2] Financing Activities - Yuexiu Property (00123.HK) secured a term loan financing of HKD 500 million [3] - China Railway Construction (01186.HK) plans to issue company bonds with a total amount not exceeding RMB 4 billion [4] - Genscript Biotech (01672.HK) increased its share buyback fund from a maximum of HKD 300 million to HKD 500 million [5] - Tencent Holdings (00700.HK) repurchased 1.067 million shares for approximately HKD 636 million at prices ranging from HKD 592.5 to HKD 602.5 [6] - Xiaomi Group (01810.HK) repurchased 7.2 million shares for HKD 294 million at prices between HKD 40.36 and HKD 41.00 [7] - Kuaishou Technology (01024.HK) repurchased 1.8231 million shares for HKD 116 million at prices from HKD 63.05 to HKD 64.4 [8] - Geely Automobile (00175.HK) repurchased 299,900 shares for approximately HKD 50.54 million at prices between HKD 16.72 and HKD 17.2 [9] Institutional Insights - According to China Merchants Securities, the recent weakness in the Hong Kong stock market is attributed to southbound capital returning to A-shares due to new public fund benchmark regulations, concerns over IPO financing, and the upcoming peak of stock unlocks [10] - Huatai Securities noted that while the market's downside is manageable, the upside potential has not yet opened up, with market sentiment indicators remaining in a pessimistic range [10] - China Merchants Securities also highlighted that the Hong Kong market has not stabilized after overseas interest rate cuts, primarily due to internal liquidity issues [10]