HK Stock Market Move | Technology stocks continued to rise in the afternoon, with Meituan-W (03690) up more than 5% and Tencent (00700) up over 3%.

In the afternoon, the tech stocks on the stock market continued to rise, leading to a more than 3% increase in the Hang Seng Tech Index. As of the time of writing, KUAISHOU-W (01024) rose by 5.54% to HK$40.95, MEITUAN-W (03690) rose by 5.24% to HK$144.6, TENCENT (00700) rose by 3.33% to HK$378.4, and BABA-W (09988) rose by 1.79% to HK$79.5. On the news front, on January 13, the Governor of the People's Bank of China, Pan Gongsheng, stated at the opening ceremony of the ASIA FINANCIAL forum that they will strengthen the functions of Hong Kong as an international asset management and wealth management center. They will further optimize the Cross-Border Wealth Management Connect and QDII systems, implement mutual recognition of funds, better meet the needs of residents in both regions for cross-market asset allocation, attract more domestic and international funds to flow into Hong Kong, enrich the financial formats such as private equity investment funds, venture capital investment funds, private banking, family offices, and hedge funds in Hong Kong, and enhance Hong Kong's influence in the global asset and wealth management market. CITIC SEC pointed out that the current valuation and profit matching dimensions of the Hong Kong stock market still show significant attractiveness compared to major global markets. Both equity risk premiums and dynamic price-to-earnings ratios are currently at appropriate levels or even at historically low levels, with further potential as investor sentiment continues to turn. Citigroup also stated that the valuation of the Chinese internet sector is reasonable and the quality of growth continues to improve, but they also believe that it should be closely related to the pace of macroeconomic and consumption recovery.