Core Viewpoint - Hong Kong Technology Exploration (01137) reported a slight recovery in its electronic commerce business in October 2025, primarily driven by the October Thanksgiving festival [1] Company Summary - The average daily gross merchandise value (GMV) increased by 2.8% to HKD 22.2 million in October 2025, compared to HKD 21.6 million in September 2025, resulting in a monthly GMV of HKD 688 million, which represents a month-on-month growth of 6.0% but a year-on-year decline of 4.3% [1] - The number of independent customers rose to 620,000 in October 2025, up from 610,000 in September 2025 and 606,000 in October 2024, reflecting a monthly increase of 1.6% and a yearly increase of 2.3% [1] - The number of monthly active independent devices increased to 1.61 million in October 2025, up from 1.57 million in September 2025, indicating stable growth in traffic [1] Industry Summary - The retail sector in Hong Kong continues to face structural challenges as 2025 comes to a close, influenced by shifts in consumer behavior, increased outbound tourism, and intensified competition from mainland China and other international e-commerce platforms [1]