Hong Kong Stock Market Closing Review: Hang Seng Tech Index Rose 2.29%, Chip Stocks Strengthen, Huahong Semiconductor Up Over 7%, GigaDevice Up Over 6%

Ask AI · Can the recovery trend continue after bad news for Hong Kong stocks is fully priced in?

As of the close on April 1, the Hang Seng Index in Hong Kong rose 2.04% to 25,294.03 points, the Hang Seng Tech Index rose 2.29% to 4,756.45 points, the State-owned Enterprises Index rose 1.56% to 8,504.81 points, and the Red Chip Index rose 1.37% to 4,176.39 points.

The biopharmaceutical sector led the gains, with Rongchang Biotech up more than 15%, Innovent Biologics up more than 11%, and BeiGene up more than 7%. Chip stocks strengthened, with H3C (Huahong Semiconductor) up more than 7%, GigaDevice Semiconductor up more than 6%, and SMIC up more than 4%. Gold stocks broadly rose, with Lingbao Gold up more than 10% and China Gold International up more than 7%. Oil and gas stocks fell, with Shandong Molong down more than 8% and CNOOC down more than 3%.

Among large tech stocks, Alibaba-W rose 3.11%, Tencent Holdings rose 2.6%, JD.com-SW fell 0.27%, Xiaomi Group-W rose 0.82%, NetEase-S rose 3.28%, Meituan-W fell 1.21%, Kuaishou-W rose 2.39%, and Bilibili-W rose 6.97%.

Brokerage Opinions:

China Galaxy: Hong Kong stocks are entering a window where bad news is fully priced in

China Galaxy said that Hong Kong stocks are entering a window where bad news is fully priced in. If external risks do not further worsen, the market is expected to continue the recovery trend under a “resonance” effect driven by the execution of unlockings, earnings verification, and capital returning to the market. The peak of unlockings in March formed a short-term negative factor, but this pressure is now being implemented and digested. The decline in the unlocking scale in the second quarter may become an opportunity to clear negative sentiment. As of March 28, 2026, the market value of Hong Kong stocks unlocked in March was HKD 88.83 billion, up 264.02% year over year. The market value of Hong Kong stocks with market caps exceeding HKD 10 billion that were unlocked in the first quarter was HKD 186.255 billion, up 637.05% year over year. After unlocking pressure is released, sentiment is expected to recover. For high-quality companies with strong fundamentals, if unlockings trigger irrational declines, it may instead provide a window for medium- to long-term positioning.

Guosheng Securities: China’s innovative drug R&D has entered a high-quality harvest period

Guosheng Securities’ research report believes that clinical activity continues to improve, and China’s innovative drug R&D has entered a high-quality harvest period. By the end of 2025, the global share of the number of innovative drugs in development by Chinese companies reached 33.7%, ranking first worldwide. In 2025, there were 827 original innovative drugs from China that entered clinical trials for the first time, with a global share of 47.4%. Meanwhile, in 2025, China approved and listed 76 innovative drugs, hitting a historic high. Domestic innovative drugs are gradually entering a high-quality harvest period.