Global Equities Roundup: Market Talk

WSJ16:29

Market Snapshot | The three major indices moved in mixed directions, with the Hang Seng Index rising 0.6% and the Hang Seng Tech Index falling 0.21%. Technology and internet stocks generally advanced, with Xiaomi up over 3% and Alibaba gaining more than 2

Tech and internet stocks rose broadly, with Xiaomi Group-W up 3.36% and NetEase down 2.73%; most lithium battery stocks declined, with CATL falling 7.92% and Tianqi Lithium down 4.20%; biotechnology stocks advanced across the board, with Pregene Biopharma-B surging 28.93% and Kelun-Biotech rising 8.74%;

Futu News16:24

Hong Kong Property: The Centaline City Leading Index (CCL) fell by 0.77% week-on-week, marking its steepest decline since late December last year.

The latest reading of the Centaline City Leading Index (CCL) stood at 159.54 points, down 0.77% week-on-week—the steepest decline in 28 weeks since late December 2025. Yang Mingyi, Senior Associate Director of Centaline Property Research Department, noted that the data reflects market conditions during the week of June 18, when the U.S. Federal Reserve and major local banks announced they would hold interest rates steady. Heightened regulatory crackdowns by China’s securities regulator on illicit cross-border outflows of mainland capital, coupled with a retreat in Hong Kong stocks—sending the Hang Seng Index below the 24,000-point mark—and rising expectations of further U.S. rate hikes, along with market focus shifting to the World Cup, have collectively dampened both primary and secondary market transaction activity. This has interrupted the CCL’s five-week upward streak, leading to a pullback as property prices undergo consolidation near recent highs. The index remains at its highest level since early Septe

AASTOCKS16:21

Morgan Stanley: Capital reallocation into Chinese equities underway; liquidity in Hong Kong stocks expected to improve in August—recommend buying on dips.

Morgan Stanley noted that global investors' interest in Chinese equities is rising, and therefore expects capital to gradually be reallocated into China stocks over the coming months. Given the current extreme underweight positioning, it recommends gradually accumulating exposure at this stage.

Zhitong Finance15:45

Wang Yajun of Goldman Sachs: Hong Kong’s full-year IPO fundraising is on track to reach USD 60 billion, setting a new historical high.

Wang Yajun stated that the current rally in Hong Kong-listed AI stocks is driven by structural, long-term bullish trends stemming from AI industry transformation, rather than by the economic cycle.

Zhitong Finance15:20

Citi: Genuine tech stocks account for a limited share of the Hong Kong market; the Hang Seng Index is unlikely to see significant improvement in the second half of the year.

In the first half of the year, global capital flowed into AI infrastructure-related stocks, with concepts such as memory chips, optical communications, and PCBs becoming key drivers of market gains. By comparison, Hong Kong-listed equities have a relatively small share of these cutting-edge 'true tech' stocks. Instead, companies categorized as tech stocks in the Hong Kong market are primarily platform firms, whose performance is more heavily influenced by retail consumption segments such as food delivery and automobiles.

Zhitong Finance14:39