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] Group 1: Business Performance - 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 month-on-month increase of 1.6% and a year-on-year increase of 2.3% [1] - The number of monthly active independent devices increased to 1.61 million in October 2025, compared to 1.57 million in September 2025, indicating stable growth in traffic [1] Group 2: Industry Challenges - 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] - These factors are expected to continue exerting pressure on the industry [1]

Core Viewpoint - Hong Kong Technology Exploration (01137) reported stable performance in its Hong Kong e-commerce business for July 2025 compared to June 2025, despite a year-over-year decline in key metrics [1] Group 1: Performance Metrics - The average daily order total merchandise transaction value remained at HKD 21.8 million for both July and June 2025, leading to a total monthly transaction value of HKD 675 million in July 2025, compared to HKD 653 million in June 2025 [1] - Year-over-year, the average daily order total merchandise transaction value and monthly transaction value decreased by 3.5% and 3.6%, respectively, indicating ongoing external travel pressures affecting the overall retail market in Hong Kong [1] Group 2: Customer Metrics - The number of independent customers increased by 0.7% from June 2025, reaching 605,000 customers, up from 601,000 in June 2025 [1] - However, compared to July 2024, the number of independent customers decreased by 1.6% from 615,000, reflecting continued annual external travel pressures [1]