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Stocks

Stocks
Stock market action from around the world, with a focus on Hong Kong, China and the rest of Asia.
People walk through Exchange Square in Central, home to the city’s bourse operator, on December 30, 2025. Photo: Sun Yeung
Hong Kong stock market

Hong Kong stocks hit 7-week high as investors diversify into Chinese tech names

Investors also boost wagers that Beijing will ramp up policy support to prop up economic growth in 2026.

Hong Kong stock market

Hong Kong stocks near 7-week high as Kuaishou surges, oil firms drop

Hong Kong economy

Hong Kong to boost tech, financial services integration during AI boom: Paul Chan

IPO

Turning point: China doubles IPOs in 2025 amid eased curbs to boost tech push

CSRC reforms revive fundraising momentum with 115 firms generating US$18.3 billion across mainland China’s exchanges.

The securities regulator rolled back curbs on new listings and resumed approvals for pre-profit technology companies, leading to the IPO boom. Photo: Xinhua
War and conflict

Outside In | 2025 was the year of denial. What now?

Despite the threat of wars, tariffs, climate change and AI, normality has persisted. But it can only be a matter of time before such contradictions explode.

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Hong Kong stock market

Hong Kong stocks jump into 2026 with biggest surge since May

Investors expect Beijing’s ‘policy pivot’ to continue, with a focus on demand-side stimulus and stabilising the housing market, analyst says.

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Investing

Opinion | Rising markets, falling interest rates and more: 5 investment myths for 2026

Investors must be careful in following conventional wisdom this year as several seemingly sure bets might be anything but.

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A pedestrian walks past a stock market indicator board on the final trading day of the year in Tokyo on December 30. Notable outperformers for 2025 included the Nasdaq, Japan’s Nikkei 225, Hong Kong’s Hang Seng Index and South Korea’s semiconductor-rich Kospi. Photo: EPA
Banking & finance

Macroscope | What to expect from Chinese stocks in 2026

While the underperformance of Chinese equities in the last financial quarter warrants scrutiny, overall gains are likely to continue in 2026.

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IPO

Chinese rocket firm LandSpace moves towards US$1 billion IPO

Listing is the first accepted under a fast-track process for pre-revenue rocket companies, as China prioritises space development.

Hong Kong stock market

Hong Kong, mainland China stocks finish year with world-leading gains

City’s benchmark Hang Seng Index ends 2025 up 28 per cent, while the CSI 300 Index of mainland stocks rises 18 per cent.

Inbound travellers at Hong Kong International Airport in Chek Lap Kok during the Christmas and New Year holidays. 27DEC25. SCMP / Eugene Lee
IPO

China’s Zhipu AI launches US$560 million share sale amid heated IPO tech race

The company, marketed overseas as Z.ai, eyes US$6.6 billion valuation with Hong Kong’s first large language model listing.

Zhipu AI is moving closer to becoming the first large language model developer listed in Hong Kong. Photo: Shutterstock
Hong Kong stock market

Hong Kong stocks edge higher on last full trading day of year

Hang Seng Index edges higher as Chinese yuan surpasses 7 against US dollar for first time since May 2023.

IPO

Insilico Medicine leads 6 Hong Kong IPOs, capping banner fundraising year

Debutants raise total of US$899 million as exchange wraps up one of the most active months for IPOs since 2021.

Hong Kong stock market

Hong Kong stocks fail to hold on to gains on slow trade

Sentiment swings between concerns over a weakening growth outlook and bets that Beijing will step up policy easing to prop up the economy.

A view of Exchange Square in Central, where Hong Kong’s bourse operator is based, on May 18, 2025. Photo: Sam Tsang
Hong Kong stock market

Xiaomi dips on co-founder’s US$2 billion share sale plan

Co-founder and vice-chairman Lin Bin plans to offload no more than US$500 million in any 12-month period starting in December 2026.

Customers try Xiaomi 17 series smartphones at a Xiaomi store in Nanjing, in eastern China’s Jiangsu province, on September 27, 2025. Photo: VCG via Getty Images
China stock market

From hope to hard numbers: China stocks will need profits to boost the bull run

Chinese shares surged in 2025 on a confidence-led re-rating – strategists now say the next leg in 2026 will hinge on an earnings uplift.

Hong Kong stock market

Firmer yuan fuels share gains on bets Beijing will tolerate appreciation

Chinese equities edged higher on Friday, led by BYD, after the offshore yuan climbed through 7 per dollar for the first time since 2024.

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Banking & finance

Macroscope | Why Wall Street remains bullish on China amid economic slowdown

Just because fund managers were too bearish on China doesn’t mean their concerns were misplaced – economic fundamentals matter.

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People walk across a bridge with a display showing the latest stock exchange and economic data in Shanghai, on November 28. Photo: EPA
China stock market

China stocks recover from early losses on cautious PBOC policy tone

Mainland stocks closed higher after paring earlier losses as investors read the central bank’s latest messaging as supportive but restrained.

Hong Kong stock market

Hong Kong stocks rise as Wall Street rally boosts confidence in earnings growth

Investors shrug off weaker US Federal Reserve easing hopes and bet on resilient corporate profits into 2026.

China stock market

Chinese ETFs investing in US stocks cap subscriptions as they run out of quotas

GF Fund and E Fund have capped daily subscriptions at 10 yuan, while China Asset Management has stopped accepting new subscriptions.

Chinese investors are turning to US stocks through ETFs. Photo: Reuters
Hong Kong stock market

Hong Kong stocks reverse gains as investors take profits before Christmas break

Losses in tech heavyweights like Kuaishou, Tencent and Xiaomi pull Hang Seng Index lower after advancing in the morning session.

Tourists take photos under the Christmas decorations outside the Ocean Terminal in Tsim Sha Tsui. Photo: Jelly Tse
Hong Kong stock market

Hong Kong world’s No 1 IPO venue as fundraising crosses US$35 billion: HKEX

Four companies that raised funds in Hong Kong, including CATL, featured in the world’s top 10 IPOs this year.

IPO

Charles Li halts Hong Kong IPO plan for Micro Connect fund under HKEX Chapter 21

Former HKEX chief shifts to private fund model after regime fails to see a successful listing in a decade, raising call for a review.

China stock market

Goldman forecasts continued growth for Chinese stocks in 2026 as risks fade

The US investment bank, having correctly predicted the stock market gains this year, expects the bull run to continue, but at a slower pace.

An electronic board at the Shanghai Stock Exchange displays various market indicators. Photo: Reuters
Hong Kong stock market

SMIC, Pop Mart lead Hong Kong stocks higher before Christmas trading break

Hong Kong’s market will close early on Wednesday and remain shut on December 25 and 26.

Stock market trading will be limited this week due to the Christmas holiday. Photo: Jelly Tse
Pop Mart

Chinese toymaker Pop Mart targets wider audience with magazine, grow IP

The magazine, which is available for US$5.7 online and at select offline locations, features Michelle Yeoh on the cover.

Moore Threads

Moore Threads unveils new AI chips to challenge Nvidia

The Shanghai-listed chipmaker launched the Huashan chip for AI and the Lushan chip for gaming, promising superior performance for both.

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