HONG KONG, Jan 15, 2026, 16:30 HKT
- Hang Seng slipped as Trip.com dropped following a China antitrust probe
- Alibaba introduced new features in its Qwen app designed to streamline everyday activities such as ordering food and booking travel
- Investors are eyeing China’s latest data alongside new moves to rein in leverage in mainland markets
Hong Kong shares slipped Thursday, the Hang Seng Index ending 0.5% lower at 26,866.29. The index fluctuated between 26,808.35 and 27,206.84 during the session. Trip.com led the decline, tumbling as much as 21.7% on news of an antitrust probe before trimming its losses, dragging down sentiment across the tech sector. 1
The pullback follows a robust start to the week that saw the benchmark climb past 27,000, fueled by global investors shifting focus away from U.S. markets and the yuan hitting its strongest level against the dollar since May 2023. “The Hong Kong market has been largely driven by moves in mainland A shares,” said Kenny Ng Lai-yin, a strategist at Everbright Securities International, referring to stocks listed in Shanghai and Shenzhen. 2
Macro factors have been key drivers lately. China posted a record trade surplus close to $1.2 trillion in 2025, thanks largely to exports outside the U.S., according to a Reuters poll summary. Larry Hu, Macquarie’s chief China economist, cautioned that a drop in exports might push Beijing toward a bigger domestic stimulus effort. 3
China’s State Administration for Market Regulation launched an investigation into Trip.com on Wednesday, suspecting the online travel giant of abusing its dominant market position. Trip.com responded, saying it is “actively” cooperating and will “fully implement regulatory requirements.” According to Reuters, if violations are confirmed, fines can range from 1% to 10% of the company’s previous year sales. 4
Alibaba, a key mover in Hong Kong this week, aimed to seize back the spotlight Thursday with a boost to its Qwen AI app. The update adds features letting users order food delivery and book travel directly through the chat interface. “What we are launching today represents a shift from models that understand to systems that act,” said Wu Jia, a vice president at Alibaba Group, as the company intensified its consumer AI push to compete with local giants like ByteDance and Tencent. 5
Hong Kong’s market closed higher Wednesday following stronger-than-expected December trade data from China, according to AASTOCKS. Exports rose 6.6% year-on-year, while imports increased 5.7%. The Hang Seng gained 151 points to 26,999. Alibaba surged 5.7%, but Trip.com dropped 6.5% after news of an investigation, the report added. 6
China’s major stock exchanges have increased the minimum margin requirement for margin trading from 80% to 100% on new contracts. The Shanghai Stock Exchange noted that margin trading had grown “notably more active” and liquidity was “relatively ample.” 7
Deal and stock-specific news continued to move markets on Thursday. S.F. Holding jumped after agreeing to acquire an 8.5% stake in J&T Global for HK$8.3 billion. Investors also kept an eye on China’s credit lending figures, ahead of next week’s key data releases, including GDP and the loan prime rate, according to a TradingView summary of Trading Economics data. 8
But sentiment can shift quickly. A fresh wave of selling in global tech stocks, combined with rising geopolitical tensions, is putting pressure on Hong Kong’s rally. Kyle Rodda, an analyst at Capital.com, pointed to a “rotation” dragging down major indexes, even as capital flows into other market segments. 9
Hong Kong is currently weighing two opposing forces: China’s strong export numbers and policy backing, versus the headwinds from regulatory crackdowns and tighter leverage rules. The upcoming China data release will tip the balance one way or the other.
