HKEX(HK:00388) Mei Ri Jing Ji Xin Wen·2026-02-20 09:56Core Viewpoint - The Hong Kong financial market demonstrates resilience and vitality despite a cautious market sentiment on the first trading day of the Year of the Horse, with the Hang Seng Index and Hang Seng Tech Index both declining [1][10]. Market Performance - On February 20, the Hang Seng Index fell by 1.10%, while the Hang Seng Tech Index dropped by 2.91%, indicating a mixed performance across sectors with technology stocks underperforming [1]. - Conversely, the domestic AI large model sector saw gains, with companies like Zhipu and MiniMax both surpassing a market capitalization of 300 billion HKD [3]. - Cryptocurrency-related stocks surged, with Star Chain Group skyrocketing by 122.22%, and other companies like Lianlian Digital and OSL Group also experiencing significant increases [6]. Sector Highlights - Oil-related stocks experienced an uptick, with China Merchants Energy rising by 6.34%, China Petroleum by 3.7%, and CNOOC by 2.23%, driven by rising international oil prices amid geopolitical tensions [8]. Market Outlook - The Financial Secretary of Hong Kong, Paul Chan, expressed optimism for the market in the Year of the Horse, noting that historically, three out of the last four Horse years have seen double-digit percentage increases [10]. - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO activity, with 24 IPOs since 2026 raising over 87 billion HKD, and a backlog of 488 companies waiting to list [10]. - HKEX aims to maintain high-quality listings while pursuing quantity, with plans for reforms including optimizing the listing system and implementing a T+1 settlement model [10]. International Interest - There is a growing interest from global investors in the Hong Kong market, with increased participation in international exchanges and discussions about asset diversification [11]. - HKEX is expanding beyond equities into fixed income and commodities, aiming to create a comprehensive ecosystem that includes products, trading, settlement, and data services [11].