[Hong Kong Stock Market] Hope for Iran War to End, Hang Seng Index Opens April Up 489 Points, Zhipu Gains Over 30% After Earnings, Pop Mart Stops Decline, Meituan and BYD Fall Against the Market (Updating)

【Hang Seng Index/HSI/Hang Seng Index/Hang Seng Index/HSI/Hang Seng Index/HK Stocks/Night Futures/ADR】Hong Kong stocks gained nearly 500 points in the first half of the second quarter’s opening, with a strong “final battle” sentiment in the market. The Hang Seng Index opened 569 points higher on the first trading day of April, at 25,357 points, reclaiming the 25,000 level. It then fluctuated within a narrow range. The Hang Seng Index rose 489 points in the first half session, to 25,277 points. Turnover was HK$144.55 billion. The Tech Index rose 1.6%, to 4,723 points. HSBC （00005） Up more than 2%. AIA （01299） Up 3%. Pop Mart （09992） Rebounded more than 3% after halting its decline. Meituan （03690） 、BYD （01211） Down more than 2% despite the market. Zhipu （02513） Surged by 30% after results, MINIMAX （00100） Up more than 17%.

U.S. stock market updates are continuous—see: Next page

Business/Finance Diary:

			▲ Business/Finance Diary

Intraday Trend:

【12:00】Hang Seng Index up 489 points in the first half session, to 25,277 points; turnover HK$144.55 billion; Tech Index up 1.6%, to 4,723 points. HSBC （00005） Up more than 2%. AIA （01299） Up 3%. Pop Mart （09992） Rebounded more than 3% after halting its decline. Meituan （03690） 、BYD （01211） Down more than 2% despite the market. Zhipu （02513） Surged by 30% after results, MINIMAX （00100） Up more than 17%.

【11:48】Before the noon close, the Hang Seng Index was up about 507 points, to 25,295 points.

【11:35】【2513 analysis】After Zhipu released results, it surged 35% at one point　Analysis: Results reflect China’s AI leader position, with multiple metrics delivering the homework

【11:29】【992】Lenovo Yang Yuanqing: 2025/26 fiscal year will be Lenovo’s best year on record　Revenue is expected to reach RMB 560 billion, setting a new historical record

【11:06】【Electric vehicles】Leapmotor delivered 50,000 units in March, Xiaomi delivered 20,000 units—one article to clearly see March performance of new energy vehicle makers (continuous updates)

【11:04】Pop Mart （09992） Repurchased continuously in recent days; the share price rebounded 3% latest, reaching as high as 149.4 yuan.

【9992】Pop Mart’s share price fell for five straight days, down nearly 34% in total—repurchased for the fourth consecutive day, with the amount further cut to nearly HK$100 million

【10:42】Miniso （09896） Up 3% after results, reaching as high as 32.74 yuan.

【MINISO results】Miniso’s full-year adjusted net profit grew 6.5%　Declared a final dividend of US$0.0941 cents

【10:42】BYD （01211） Share price fell more than 3% despite the market, hitting a low of 101.6 yuan.

【10:24】Zijin （02899） Up more than 4%, Zijin Mining International （02259） Up 6%, Lingbao Gold （03330） Up 8%, Zhaojin （01818） 、Shandong Gold （01787） Up more than 3%.

【Gold price trend】Gold prices continue to rise; spot gold at one point rose above the US$4,700 level—betting that the Iran war could end

【10:24】Zhipu （02513） After results, it rose as much as 35% at one point, hitting a new high of 938 yuan; latest up 25% to 868 yuan. MINIMAX （00100） Up 10%. Sinotrust （03317） Up 6%.

【10:15】Hang Seng Index latest up nearly 500 points, to 25,283 points, up 495 points; turnover HK$83.8 billion; Tech Index up 1.5%, to 4,722 points.

【09:37】Financial stocks are doing well, including HSBC （00005） Up more than 2%; Standard Chartered （02888） Up more than 3%; AIA （01299） Up 4%.

【09:22】With the second quarter’s start in Hong Kong stocks, on the first trading day of April the Hang Seng Index opened 569 points higher, at 25,357 points, regaining the 25,000 level. Turnover was HK$6.77 billion. The Tech Index rose 2.8%, to 4,777 points. Alibaba （09988） Up more than 3%, Tencent （00700） Up 4%, Zhipu （02513） Up 15% after results to break to the top. PetroChina （00857） and CNOOC （00883） Two barrels of oil fell 1% and 2% respectively.

【AI+2513 results】Zhipu’s revenue last year increased 131.9% year-on-year　Adjusted net loss of RMB 3.18 billion

【09:10】Hang Seng Index night futures up about 534 points, to 25,303 points.

【08:01】【9863】Leapmotor gets shareholders including the CEO to increase holdings by RMB 230 million

【07:45】【Morning Quick Picks】Buffett laments selling Apple stock too early; there’s nothing much to be excited about in the current market｜Zhipu’s revenue last year increased 1.3 times year-on-year

【07:45】A strong “final battle” atmosphere is prevailing; capital is rushing in aggressively. The night futures closed up 436 points, closing at 25,191 points, with as many as 24,000 contracts traded. The China concept stock index rose 2.8%, closing at 6,753 points. Alibaba’s U.S.-listed shares lift Hong Kong-listed shares by 3%.

More Hong Kong stock ADRs and China concept stock quotes:

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【07:30】The market is betting on both sides’ deployment to end the hostilities; Iran’s president Masoud Pezeshkian said Tehran is willing to end the war as long as it is ensured it will no longer be attacked. U.S. President Trump is also reportedly sending ceasefire signals, intending to end military actions against Iran while the Strait of Hormuz has not yet reopened. U.S. stocks soared on Tuesday; the Dow’s gain had expanded to as much as 1,167 points. The Dow closed up 1,125 points, at 46,341 points; the S&P rose 2.91%, and the Nasdaq jumped 3.83%.

Live look at U.S. stock closing:

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Hong Kong stock market conditions from the previous trading day—see: 【Hong Kong stock night futures + ADR + Northbound funds】Capital rushed in; night futures jumped 436 points and Alibaba U.S. stock lifted Hong Kong shares by 3%

		Finance Hot Talk
	





	Will the U.S.-Iran risk become a protracted war? Is the market underestimating the risk of a global economic recession?