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Good day, traders!
What you need to know: Hong Kong stocks’ solid start to 2026 stumbled on Wednesday, with the benchmark gauge retreating from a seven-week high as geopolitical tensions rose after China imposed new sanctions against Japan.
The Hang Seng Index fell 1 per cent to 26,436.88 as of 10.44am local time. The Hang Seng Tech Index dropped 1.7 per cent. On the mainland, the CSI 300 Index was up marginally and the Shanghai Composite Index added 0.1 per cent.
In the latest flare-up between the two Asian neighbours, China said on Tuesday that it would immediately ban exports of products to Japan with potential military use. Beijing was also mulling tightening export reviews for some rare earth-related items, the state-run China Daily reported.
Elsewhere in Asia-Pacific, most markets rose with the exception of Japan, where the Nikkei 225 fell 0.3 per cent. South Korea’s Kospi rose 0.7 per cent and Australia’s S&P/ASX 200 added 0.2 per cent.
Top HK gainers: Hansoh Pharm (3692), CSPC Pharm (1093), China Hongqiao (1378)
Top HK losers: Alibaba (9988), Kuaishou (1024), BYD (1211)
Top HK traded: Sinopec (386), ICBC (1398), CSPC Pharm (1093)
Noteworthy: Shanghai has announced a slew of new investments in hi-tech industries ranging from chips to artificial intelligence and aviation, becoming the latest Chinese city to unveil ambitious plans to boost local innovation amid an intensifying US-China tech race. The city’s Pudong district unveiled 50 big-ticket projects worth more than 70 billion yuan (US$10 billion) combined on Monday, with most of the investment earmarked to flow into key industries including microchips, AI, biopharmaceuticals, smart vehicles and aviation, among others, local media reported.
Stories of interest to investors:
* Singapore, Beijing land in top 10 of Savills’ Matcha Index of global tech cities
* Meow or never: China’s pudgy pets spark race for weight-loss drugs
* China’s CATL, Nio deepen partnership to develop extended-life EV batteries
* Alibaba’s Amap muscles up on ‘world models’ in push beyond text-based AI
* MPF assets reach record high of US$199 billion amid Hong Kong stock market rally
* China’s developers diminish further amid unending property downturn
* Citic Securities claims top spot in Asia-Pacific investment banking for 2025
* Morgan Stanley lifts Hong Kong property to ‘attractive’ as stars align
* Nvidia chooses China’s Hesai for lidar in Hyperion autonomous driving platform
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