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<H Shrs>HK Stocks Extend Losses; Southbound Funds Record Net Inflow of Over HKD8.5B; Auto and Pharma Stocks Under Pressure
Dragged down by weakness in Tech, auto and pharmaceutical stocks, Hong Kong equities continued to trend lower today. US President Donald Trump extended the US ceasefire agreement w...
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<H Shrs>HK Stocks Extend Losses; Southbound Funds Record Net Inflow of Over HKD8.5B; Auto and Pharma Stocks Under Pressure
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Dragged down by weakness in Tech, auto and pharmaceutical stocks, Hong Kong equities continued to trend lower today. US President Donald Trump extended the US ceasefire agreement with Iran, coupled with solid corporate earnings, the DJIA and Nasdaq rose 0.7% and 1.6%, respectively, overnight. At the time of writing, the US 2-year Treasury yield rose to 3.821%, while the US 10-year Treasury yield increased to 4.327%, and the US Dollar Index climbed to 98.64. DJIA futures last fell 305 points or 0.6%, while Nasdaq futures declined 160 points or 0.6%. The Shanghai Composite Index closed down 13 points or 0.32% at 4,093, while the Shenzhen Component Index fell 133 points or 0.9% to 15,043. The ChiNext Index dropped 0.9%. Total turnover on the Shanghai and Shenzhen markets amounted to RMB2.8 trillion.

The HSI opened 64 points lower and extended its losses, at one point falling 322 points to a trough of 25,840. It closed at 25,915, down 248 points or 0.95%. The HSCEI closed at 8,732, down 69 points or 0.8%. The HSTECH closed at 4,865, down 98 points or 2%. Total market turnover for the day reached HKD255.379 billion. Northbound trading turnover totaled HKD110.545 billion, while Southbound funds recorded a net inflow of HKD8.598 billion today (net inflow of HKD4.89 billion in the previous trading day).

Mainland pharmaceutical stocks were under pressure. INNOVENT BIO (01801.HK)  -5.200 (-5.896%)    Short selling $304.54M; Ratio 35.928%   fell 5.9%, SINO BIOPHARM (01177.HK)  -0.240 (-4.117%)    Short selling $159.87M; Ratio 63.766%   declined 4.1%, AKESO (09926.HK)  -18.900 (-12.659%)    Short selling $354.10M; Ratio 17.665%   slumped 12.7%, and 3SBIO (01530.HK)  -2.360 (-9.633%)    Short selling $469.92M; Ratio 38.810%   dropped 9.6%.

Oil Stocks Rally; Pharma Stocks Under Pressure

Brent oil futures surged above USD100 per barrel. PETROCHINA (00857.HK)  +0.450 (+4.225%)    Short selling $581.09M; Ratio 98.319%   and CNOOC (00883.HK)  +0.780 (+2.902%)    Short selling $442.57M; Ratio 33.003%   rose 4.2% and 2.9%, respectively, while SHANDONG MOLONG (00568.HK)  +0.820 (+10.136%)   advanced 10.1%. The optical communications sector retreated, with YOFC (06869.HK)  -14.200 (-5.744%)    Short selling $728.41M; Ratio 22.593%   sliding 5.9% and CAMBRICON TECH (06166.HK)  -7.100 (-4.665%)   falling 4.7%. In addition, GE Vernova (GEV.US)      reported a 71% surge in quarterly orders, with its share price jumping 13.7% overnight. Global power equipment stocks were supported, with HARBIN ELECTRIC (01133.HK)  +1.840 (+8.846%)    Short selling $62.09M; Ratio 24.074%   rising 8.8%.

NEW ORIENTAL (09901.HK)  -1.620 (-3.717%)    Short selling $80.67M; Ratio 79.091%   reported a 34% YoY increase in quarterly Non-GAAP net profit. Its shares closed down 3.7% at HKD41.96. CLSA issued a report slightly raising its revenue forecasts for 4Q26 and FY26, and projected solid YoY growth of 14.7% and 12.1% for FY26 and FY27, respectively, as management expects the K9 business to maintain strong YoY growth of over 20%, while overseas operations are set to stabilize. The broker also sees ample room for margin expansion in the coming quarter and next year, particularly considering the restructuring of overseas operations and potential cost savings from layoffs enabled by artificial intelligence.

1,300 Stocks Decline; Auto Stocks Weaken

Market breadth weakened. The ratio of advancers to decliners on the Main Board was 17 to 33 (previous day: 19 to 13), with 1,379 stocks declining (down 2.6%). Among HSI constituents, 25 stocks rose while 63 fell, with an advancer-to-decliner ratio of 27 to 70 (previous day: 22 to 78). Short selling amounted to HKD49.328 billion, representing 45.694% of the HKD107.953 billion turnover of short sellable securities.

Mainland auto stocks trended lower. GEELY (00175.HK)  -1.240 (-4.980%)    Short selling $323.74M; Ratio 21.049%   fell nearly 5%, LEAPMOTOR (09863.HK)  -4.190 (-7.989%)    Short selling $329.45M; Ratio 53.196%   and XPENG (09868.HK)  -4.250 (-6.405%)    Short selling $797.34M; Ratio 82.941%   dropped 8% and 6.4%, respectively, BYD (01211.HK)  -3.500 (-3.271%)    Short selling $1.38B; Ratio 73.851%   and CHERY (09973.HK)  -1.600 (-4.779%)    Short selling $12.56M; Ratio 11.648%   declined 3.3% and 4.8%, while XIAOMI (01810.HK)  -0.620 (-1.950%)    Short selling $1.68B; Ratio 66.240%   slipped 2%. Autonomous driving stock PONY AI (02026.HK)  -4.300 (-4.853%)    Short selling $7.53M; Ratio 45.532%   fell 4.9%, and robotics stock UBTECH (02432.HK)  -1.940 (-5.706%)    Short selling $8.48M; Ratio 17.980%   dropped 5.7%.

According to Yonhap News Agency, Hyundai Motor Group is advancing brand transformation in the China market and will unveil its transformation strategy at the Beijing Auto Show opening tomorrow, including the first China-produced mass-market model under its electrified IONIQ brand. Earlier this month, Hyundai globally debuted two IONIQ concept models in China  "VENUS CONCEPT" and "EARTH CONCEPT." The production model showcased this time is equipped with an advanced driver assistance system (ADAS) jointly developed with Beijing-based Momenta, highlighting Hyundai's localization strategy in China. Next year, Hyundai plans to launch extended-range electric vehicles (EREV) in China and build an "IONIQ ecosystem" integrating localized customized services and charging infrastructure to achieve brand differentiation. In January this year, Hyundai held discussions with CATL (03750.HK)  +3.500 (+0.501%)    Short selling $642.28M; Ratio 56.999%   , Sinopec and Yueda Group on cooperation plans and clarified its medium- to long-term development strategy. (wl/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-23 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)



This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

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