On March 31, the Hang Seng Index staged a late-day rally to close in positive territory, finishing up 0.15%, while the Hang Seng Tech Index declined by 0.86%.
Major technology and internet stocks were mostly lower. BYD Electronic fell more than 5%, Xiaomi dropped nearly 2%, while Alibaba and Meituan both declined over 1%. JD.com, Tencent, and Baidu managed to turn positive in late trading.
Chip-related stocks weakened significantly. Iluvatar CoreX plunged 12%, GigaDevice dropped over 8%, Lango Technology fell more than 6%, Hua Hong Semiconductor declined over 4%, and SMIC slipped more than 1%.
Banking stocks showed active trading with Bank of China (Hong Kong) rising over 5%. Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, and China Construction Bank all followed with gains. The positive movement came as China's six major state-owned banks reported both revenue and net profit growth for 2025, with combined net profits reaching 1.42 trillion yuan.
Additionally, Tong Shifu, a company invested in by Lei Jun, fell below its IPO price on its first trading day. The stock closed down more than 49% at HK$30.5 per share. Excluding handling fees, each lot of 100 shares resulted in a paper loss of HK$2,950. Tong Shifu, known as the "first copper cultural creation stock" in Hong Kong, has been called "Pop Mart for middle-aged people" due to its products effectively targeting the aesthetic and emotional needs of middle-aged consumers.
