Hong Kong — January 5, 2026 — 2:08 AM ET
- Hang Seng Index -0.08% at the midday break; Hang Seng Tech -0.18%; HSCEI -0.19%. 1
- PetroChina -4.34% and CNOOC -3.48% as crude cooled; Brent sat near $60.49 (-0.4%). 1
- MiniMax targets top-of-range pricing (Jan. 6) and a Jan. 9 debut, aiming to raise up to HK$4.19B ($538M). 2
Hong Kong stocks slipped.
The Hang Seng Index dipped 0.08% by the midday break and traded at 26,302 in the afternoon, while the Hang Seng Tech Index fell 0.18% and the HSCEI lost 0.19%. 1
Breadth looked messy.
Futu counted 1,099 gainers, 1,004 decliners, and 1,141 unchanged at midday, and that split shows traders ran stock-to-stock instead of buying the whole board. 1
Energy dragged hard.
PetroChina sank 4.34% and CNOOC dropped 3.48%, tracking a softer crude tape after Brent slipped 0.4% to $60.49 as markets digested Venezuela headlines. 1
Tech still found buyers.
Kuaishou jumped 9.66% and Bilibili rose 5.56%, while Alibaba added 2.28% and Tencent edged 0.08% higher as Xiaomi slid 2.53% and Baidu lost 1.04%. 1
Biotech lit up.
Duality Bio-B climbed 11.00% and Kelun Biotech-B gained 7.84%, keeping the bid under the healthcare complex even as the index drifted. 1
Autos took the hit.
Nio fell 5.66%, XPeng dropped 4.54%, and Geely slid 3.02% by midday as traders kept leaning on EV and consumer-exposed names. 1
Property shorts blinked.
Shimao rallied over 9% and Ronshine rose over 8% as policy messaging pushed the group higher and forced cover bids. 1
The IPO calendar matters.
Investors oversubscribed MiniMax’s HKEX deal books multiple times, and the company targets the top end of its HK$151–HK$165 range ahead of pricing on Jan. 6, Reuters reported. 2
Here’s the problem.
Draft China cybersecurity rules target AI services that mimic human personalities, and that regulatory risk sits right on top of the same pipeline investors are paying up for. 3
Next catalyst: Jan. 6 pricing.
MiniMax lines up a Jan. 9 trading debut and aims to raise up to HK$4.19 billion ($538 million), putting fresh supply directly in front of a choppy Hang Seng tape. 2
