Hong Kong stocks closed (12.11) | Hang Seng Index closed down 0.04%, HSBC Holdings (00005) innovates Zhongxing Communications (00763), falls sharply by 13%
The Zhitong Finance App learned that the Federal Reserve cut interest rates by 25 basis points as scheduled, but the “bitmap” maintains the forecast that interest rates will only be cut once in 2026. Hong Kong stocks opened higher and moved lower today, and the three major indices collectively fell. At the close, the Hang Seng Index fell 0.04% or 10.27 points to 25530.51 points, with a full-day turnover of HK$182,477 billion; the Hang Seng State-owned Enterprises Index fell 0.23% to 8934.28 points; and the Hang Seng Technology Index fell 0.83% to 5534.59 points.
The Guangfa Securities Research Report pointed out that Hong Kong stocks are more sensitive to peripheral risks, the future path of the Federal Reserve's interest rate cuts is unclear, and Hong Kong stocks faced a peak in December when the ban on restricted shares was lifted, and molecular fundamentals are under pressure, so they are more susceptible to liquidity shocks. The bank expects a potential rebound in mid-late December and early January next year. Dongwu Securities believes that Hong Kong stocks are still on the left in the short term, and the rebound will have to wait.
Blue-chip stock performance
HSBC Holdings (00005) reached a record high. At the close, it rose 2.06% to HK$114, with a turnover of HK$2,473 billion, contributing 43.23 points to the Hang Seng Index. Overnight, the Federal Reserve announced a 25 basis point cut in interest rates and announced that it will begin expanding its balance sheet and purchasing 40 billion US dollars of short-term treasury bonds this month. Furthermore, Bank of America Securities released a research report saying that HSBC Holdings is expected to achieve significant growth in two areas next year, including Hong Kong deposit business and Asian wealth management business.
In terms of other blue-chip stocks, Hanson Pharmaceuticals (03692) rose 1.98% to HK$43.36, contributing 2.02 points to the Hang Seng Index; Henderson Land (00012) rose 1.74% to HK$29.18, contributing 1.16 points to the Hang Seng Index; Ali Health (00241) fell 3.95% to HK$5.11, dragging down the Hang Seng Index by 2.12 points; and Sands China (01928) fell 2.31% to HK$20.32, dragging down the Hang Seng Index by 1.89 points.
Popular sector aspects
On the market, large technology stocks generally declined, with Alibaba down 1.7% and Tencent down 0.25%. The wind power industry maintained a high level of prosperity. Goldwind Technology rose more than 5%, Dongfang Electric rose more than 4%; the trend of price increases in the industrial chain continued, and lithium battery stocks showed active performance; Bank of Hong Kong stocks and some CRO concept stocks rose. On the other side, ZTE announced that in response to compliance investigation reports, stock prices fell sharply by 13%, and other chip stocks continued to decline; gaming stocks, PV stocks, and Apple concept stocks were under pressure.
1. Wind power stocks had the highest gains. At the close, Goldwind Technology (02208) rose 5.23% to HK$13.27; Dongfang Electric (01072) rose 4.38% to HK$21.92.
Western Securities believes that since the end of 2024, wind power mainframe prices have shown a continuous upward trend due to factors such as the self-discipline of wind power mainframe manufacturers and changes in downstream owners' bid evaluation rules. According to the Bidding Network, the average winning bid price for onshore fans from January to October 2025 was 1,618 yuan/kW, +6.86% year-on-year; the average winning bid price for onshore fans (including towers) was 2,096 yuan/kW, +9.78% year-on-year. The fan sales profits of various OEMs are expected to pick up in the future. Furthermore, in addition, there is strong demand for fans going overseas. According to Fengmang Energy, the number of 25H1 overseas orders from companies such as Goldwind Technology and Envision Energy increased year-on-year, opening up room for growth for fans going overseas.
2. Lithium battery stocks have been active. At the close, Ningde Times (03750) rose 1.93% to HK$508; Ganfeng Lithium (01772) rose 1.37% to HK$51.65; and Tianqi Lithium (09696) rose 0.67% to HK$48.2.
Domestic lithium battery manufacturer Degas Energy recently issued a notice announcing that due to the continued rise in the price of upstream raw materials and the increase in battery production costs, the company decided to increase the sales price of its battery series products by 15% starting December 16. Funeng Technology also revealed to the market that the company is communicating with customers about price increases, and some products have already achieved price increases. It is worth mentioning that according to the December pre-production data for the lithium battery industry chain released by Xinyi Lithium Battery, the sample companies produced 143.3 GWh of batteries, an increase of 2.3% over the previous month. At the same time, following the price increase of lithium battery materials such as lithium hexafluorophosphate and the electrolyte additive VC, wet diaphragms have also recently experienced sharp price adjustments.
3. Chip stocks continued their decline. At the close, Huahong Semiconductor (01347) fell 4.8% to HK$72.4; SMIC (00981) fell 2.26% to HK$67.15.
Recently, US President Trump announced that the US will allow Nvidia to export its H200 artificial intelligence (AI) chips to China and other approved customers on the premise of “ensuring national security,” and the US government will extract 25% of related sales. Open Source Securities believes that restoring the supply of chips such as the H200 or promoting the full upgrading of major domestic models will accelerate the prosperity and development of the domestic AI ecosystem, or further expand the overall demand for domestic computing power chips, which will benefit the domestic chip sector in the long term.
4. Domestic housing stocks generally declined. At the close, Agile Group (03383) fell 7.58% to HK$0.305; Sunac China (01918) fell 2.22% to HK$1.32; and China Overseas Hongyang Group (00081) fell 1.47% to HK$2.01.
On the afternoon of December 10, real estate stocks suddenly picked up. Leading Vanke A directly blocked the rise and stopped, while Hong Kong stock Vanke once rose more than 17%. It is worth noting that discussions on mortgage interest rate discount policies have increased markedly recently in the market. According to the Huaxia Times, Yan Yuejin, deputy director of the Shanghai Yiju Real Estate Research Institute, said that currently, some cities have implemented mortgage interest rate discount policies. This practice can also reduce the mortgage pressure on buyers, but it is necessary to consider who is actually paying interest rates, whether banks or finance. However, if the interest rate discount policy is implemented, it can indeed stimulate potential demand for home purchases.
Popular exotic stocks
1. ZTE (00763) was hit hard. At the close, it fell 13.08% to HK$27.5.
On the afternoon of December 11, ZTE issued an announcement stating that the company's board of directors was aware of recent news media reports on the company's compliance investigation involving the US Foreign Corruption Law. The company is communicating with the US Department of Justice on related matters and will resolutely protect its rights and interests through laws and other means.
ZTE also stated in the announcement that the company has always insisted on comprehensively strengthening the compliance system and is committed to building an industry-leading compliance system. The company opposes all forms of corruption and has zero tolerance for any individual who may be involved. The company's current production and operation are all normal.
2. Red Star Macalline's (01528) stock price rebounded and closed down 14.39% to HK$1.19.
Red Star Macalline announced that the cumulative deviation value of the company's A-share price increase in the daily closing price within three consecutive trading days reached 20%, which is an abnormal fluctuation in stock trading. After self-inspection, the company's current production and operation activities are all normal, and there have been no major changes in the internal and external business environment. At the same time, the company has no material information that should be disclosed but not limited to important matters such as major asset restructuring and share issuance. In addition, the company's operating income and net profit declined in 2024 and the first three quarters of 2025, and there is a risk of loss of performance.
3. Lansi Technology (06613) opened high and moved low. At the close, it rose 2.05% to HK$25.92.
Lansi Technology announced that it has signed an agreement of intent with an independent third party. The company plans to acquire 100% of Pei Meigao International's shares in cash and other means. The latter holds 95.1164% of Yuanshi Technology's shares. Target Group is mainly engaged in the production and sale of server cabinets, structural components, and server liquid cooling modules. According to reports, Yuanshi Technology has obtained Nvidia's RVL certification. RVL is mainly aimed at suppliers of key structural components such as server cabinets and liquid cooling systems to evaluate their reliability, process level and system integration capabilities.
4. Asia's Forth (08413) resumed trading and surged to close, rising 80.87% to HK$0.208.
Asia Fuji announced that the offender Hong Kong Lianfeng Bussan will make a voluntary cash partial offer with preconditions to eligible shareholders to acquire a minimum of 590 million shares to a maximum of 755.3 million shares in the offer, accounting for about 50.77% to 65% of the issued share capital. The offer price was HK$0.258 per share, a 124% premium over the closing price of HK$0.115 before the suspension of trading.