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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.
A man walks past an electronic board displaying the Nikkei 225 stock prices on the Tokyo Stock Exchange in Tokyo on January 5. Photo: AFP
Family offices

Macroscope | Why Asian family businesses are pivoting to private equity

Family firms, the backbone of the Asian economy, have tended to be reluctant to go public but are increasingly open to private equity funding.

Hong Kong stock market

Hong Kong stock rally fades as investors reassess China’s economic outlook

IPO

Chinese AI start-up MiniMax shines on Hong Kong IPO debut

China stock market

Macroscope | Chinese stocks could be biggest winner of Venezuela fallout

Amid rising fears over an AI bubble and geopolitical strife, China’s push for self-reliance has left it more insulated from global storms.

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People walk below a large screen displaying the latest stock exchange and economic data in Shanghai on January 6. Photo: EPA
Hong Kong stock market

New Year rally in Hong Kong stocks recedes as investors brace for China data

Geopolitical events dent risk appetite amid lack of fresh catalysts, with data on China’s producer and consumer prices due on Friday.

IPO

3 Chinese AI, robotics stocks gain in Hong Kong debuts

Zhipu AI, Iluvatar CoreX and Edge Medical raised US$1.2 billion in their share offerings.

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China stock market

China stocks to see 20% upside on AI boom, overseas expansion: Goldman Sachs

Investment bank predicts the MSCI China Index of both yuan-traded stocks and Chinese firms trading in Hong Kong and the US to surge in 2026.

People walk past a jumbo screen displaying the latest stock exchange and economic data in Shanghai. Photo: EPA
Hong Kong stock market

Hong Kong stocks’ strong 2026 start fizzles on rising China-Japan tensions

Beijing has banned exports of goods to Japan with potential military use, with the possibility of additional measures.

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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

‘Everyone is broadly constructive because earnings visibility still outweighs macro fear at this stage,’ analyst says.

A view of Connect Hall in the headquarters of bourse operator Hong Kong Exchanges and Clearing in Exchange Square, Central, on December 30, 2025. Photo: Sun Yeung
Hong Kong economy

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

Minister hails city’s role as global capital market for mainland Chinese tech firms, citing AI chipmaker Biren’s 82 per cent gains at debut.

Financial Secretary Paul Chan (second from right) attends the listing ceremony for Biren Technology with the firm’s CEO Zhang Wen (second from left). Photo: Jonathan Wong
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.

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.

A view of Exchange Square in Central, where Hong Kong’s bourse operator is based, on December 30, 2025. Photo: Sun Yeung
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.

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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.

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.

Executives of the six companies celebrate their listings in a gong ceremony at Hong Kong Exchanges and Clearing in Central on December 30, 2025. Photo: Sun Yeung
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.

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.

The offshore yuan climbed past the key 7-per-dollar level on Thursday for the first time since September 2024. Photo: Shutterstock
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.

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