HK Stock Market Move | AIA (01299) falls nearly 4% intraday; HSBC says visibility on its second-half new business value is limited.

AIA (01299) fell nearly 4% intraday. As of press time, it was down 3.30% at HK$73.3, with a turnover of HK$1.263 billion. On the news front, HSBC released a research report stating that the visibility on AIA's value of new business (VONB) in the second half of 2026 remains challenging, particularly for its core Hong Kong business. AIA's share price has underperformed the Hang Seng Financials Index by 17.8 percentage points year-to-date, partly reflecting slowing VONB growth in Hong Kong and tightening regulation on outbound investment from the mainland. The key uncertainty lies in the extent to which new business from mainland visitors is affected. Jefferies, meanwhile, believes that AIA's Thailand business is undervalued by investors.