To The Moon

The US stock market soared last week, with Nasdaq $NASDAQ(.IXIC)$ and S&P 500 $S&P 500(.SPX)$ hitting new highs for the year, but Hong Kong stocks fell against the trend, and the Hang Seng Index $HSI(HSI)$ once again lost the 20,000-point round mark!

Why are Hong Kong stocks still depressed?

First of all, after the continuous sharp rise in the Chinese characteristic valuation system, there is a trend of midway adjustment; Secondly, the recent intensive release of economic data is not optimistic, and real estate data is also pessimistic, driving the real estate sector down; Finally, the stock prices of Tencent $TENCENT(00700)$ $Tencent Holding Ltd.(TCEHY)$ and Alibaba $Alibaba(BABA)$ $Alibaba(09988)$ fell after their financial reports.

On the sector side, the biggest declines last week were in the real estate and health care industries, with only daily consumption rose:

Although the market is gloom, there is a substantial net inflow of HK $10.8 billion from Southbound funds last week:

Next week, Meituan $Meituan(03690)$ , Xiaomi $XIAOMI-W(01810)$ $Xiaomi Corp.(XIACY)$ and other well-known tech and Internet stocks will release financial results, can they boost Hong Kong stocks higher? Wait and see!

Key Events in Hong Kong Stocks Last Week

1. The institutional 13F position is intensively released, and JD.com $JD.com(JD)$ $JD-SW(09618)$ is greatly reduced by Hillhouse and Greenwoods;

2. The Swap Connect was officially launched on May 15th, with the initial launch of the "Northbound Trading" channel, enabling Hong Kong and overseas investors to participate in trading, clearing, and settlement in the Mainland’s interbank financial derivatives market, through the designated infrastructure institutions;

3. The price of battery-grade lithium carbonate rose sharply, and lithium battery concept stocks were sought after;

4. The self-driving team of Alibaba $Alibaba(BABA)$ $Alibaba(09988)$ DAMO Academ is all merged into Cainiao Group;

5. Baidu $Baidu(BIDU)$ $BIDU-SW(09888)$ released Q1 results in 2023, with a substantial increase in net profit of 48%;

6. Tencent $TENCENT(00700)$ $Tencent Holding Ltd.(TCEHY)$ Cloud announced price cuts for a number of core cloud products, and a price war for cloud services began;

7. The exchange rate of RMB against the US dollar fell below the 7.0;

8.The sales price of commercial housing in 70 large and medium-sized cities dropped month-on-month compared with the overall increase, and the month-on-month increase of second-hand housing fell more obviously;

9. Tencent $TENCENT(00700)$ $Tencent Holding Ltd.(TCEHY)$ 's revenue in the first quarter was nearly 150 billion yuan, up 11% from the same period last year, exceeding market expectations;

10. Hua Hong Semiconductor $HUA HONG SEMI(01347)$ won nod for $2.6 billion China share sale;

11. Alibaba $Alibaba(BABA)$ $Alibaba(09988)$ announced its revenue in the fourth quarter of fiscal year 2023 fell short of market expectations, and the spin-off and listing plan of Alibaba Cloud and Cainiao was announced;

12. The HKEX plans to launch the Hong Kong dollar-RMB dual-counter model on June 19.

Three Top Stocks Traded By Tiger Users Last Week

Top1: Tencent Holdings $TENCENT(00700)$ $Tencent Holding Ltd.(TCEHY)$ . After trading on last Wednesday, Tencent Holdings released first-quarter earnings that beat market expectations on revenue, but missed on net profit, and its stock price performance was depressed.

Top2: Alibaba $Alibaba(BABA)$ $Alibaba(09988)$ . After trading on last Thursday, Alibaba released its fourth quarter earnings for fiscal year 2023. Corresponding to the first quarter of this year, revenue fell short of expectations, core e-commerce business continued to decline, Alibaba Cloud business started negative growth, and Alibaba's share price fell 6% after the financial report.

Top10: Country Garden $COUNTRY GARDEN(02007)$ $Country Garden Holdings Co., Ltd.(CTRYY)$ . According to the real estate data released by the Bureau of Statistics last week, the price of commercial housing sales declined month-on-month in April compared with the overall increase, and the real estate sector fell sharply. Country Garden price decline 16% in a week:

Next week's Hong Kong stock market events

1. On May 23, the United States will release the preliminary Markit manufacturing PMI for May, which will focus on changes in economic data and may affect the market's view on the Fed rate hike;

2. The Hong Kong Stock Exchange will be closed next Friday for Buddha's birthday;

3. Next week, Kuaishou $KUAISHOU-W(01024)$ , Meituan $Meituan(03690)$ $MEITUAN(MPNGY)$ , Xiaomi $XIAOMI-W(01810)$ $Xiaomi Corp.(XIACY)$ and other well-known Hong Kong stocks will release financial results, paying attention to whether they exceed expectations.