[ET Net News Agency, 11 July 2025] With strong performance in overseas markets, Hong
Kong stocks opened slightly higher this morning. Mainland China financial stocks surged
and tech shares rallied mid-session, driving the HSI up 457 points or 1.9% at the half-day
close, to 24,485. Trading sentiment also turned more active, with main board turnover
nearing HKD 175.9 billion. The Hang Seng China Enterprises Index stood at 8,827, up 158
points or 1.8%. The Hang Seng Tech Index was at 5,324, up 108 points or 2.1%.
WuXi AppTec (02359) expects interim net profit to grow by around 102% year-on-year. The
stock soared 11.34% in the morning to HKD 88.85, marking a two-day gain of 12.83% at
current prices. Sister company WuXi Bio (02269) rose 6.03% to HKD 27.25.
Mainland China financial stocks continued to be actively traded: Ping An (02318) rose
5.61% to HKD 54.55, China Life (02628) gained 3.34% to HKD 19.2, HTSC (06886) was up 4.05%
to HKD 16.94, GTHT (02611) surged 16.03% to HKD 16.36, CGS (06881) added 5.98% to HKD
9.93, and CITIC Sec (06030) was up 6.35% to HKD 27.65.
HKEX (00388) also rose 3.73% to HKD 428.8, notching up gains for a second consecutive
day and rising 4.18% in total.
Tech stocks were also higher: Alibaba (09988) gained 3.39% to HKD 106.7, Meituan (03690)
was up 3.2% to HKD 122.4, Tencent (00700) rose 1.69% to HKD 505, JD.com (09618) advanced
1.38% to HKD 125.3, and Kuaishou (01024), following an AI model upgrade, was up 0.7% to
HKD 64.9.
On the new consumption theme, Laopu Gold (06181) tumbled 8.02% to HKD 934.5, falling
below the HKD 1,000 mark and registering a three-day cumulative drop of 13.63%. Zhou Liu
Fu (06168) also dropped 3.74% to HKD 36.

"China Res Land is the best among Mainland China developers, but still not recommended"

Yesterday, Logan Group (03380) had its onshore debt restructuring plan approved by
bondholders, sparking a FOMO-driven rally in Mainland China property stocks. On Economic
Times' "Good Morning Market" programme, Wan Kong Shing, the Chief Investment Officer of
iFAST Global Markets, remarked that Logan's onshore debt restructuring was expected and is
a standard process often used by property developers. He does not expect Logan's share
price gains to be sustainable.
Separately, there are market rumours that the central government may convene a National
Urban Work Conference next week, with a possibility of relaunching shantytown
redevelopment and introducing measures to support the property market. Wan Kong Shing
pointed out that if shantytown redevelopment were to be relaunched, the central government
would need to compensate relocated residents, making such a move unlikely at this stage.
Even if other support measures are introduced, he expects them to be largely similar to
previous policies, with little to surprise the market. He remains cautious about whether
the Mainland China property sector is truly turning a corner.
Within the sector, China Resources Land (01109) has shown relatively stronger price
performance. Since the three ministries' market rescue moves in mid-September, the stock
has traded in a range and could potentially break higher if sentiment improves. However,
China Resources Land has already held up for some time, and property sector issues remain
difficult to resolve, so he does not recommend buying these shares. He added that he would
rather trade domestic consumption stocks than take risks with property developers.