HONG KONG, Jan 19, 2026, 23:16 HKT — Market closed.
Tencent Holdings Ltd (0700.HK) closed down 1.2% at HK$610 on Monday, after trading between HK$608.50 and HK$614.50. Alibaba Group (9988.HK) fell 3.5% to HK$160.40. 1
The stock tracked a broader slide in Hong Kong tech shares after softer China data put the focus back on domestic demand. “Today’s economic data really wasn’t a positive surprise,” said Dickie Wong, head of research at uSmart Securities, pointing to expectations the central bank could still cut the reserve requirement ratio, which sets how much cash banks must keep on hand. 2
China’s economy grew 4.5% in the fourth quarter from a year earlier, slowing from 4.8% in the third quarter, while December retail sales rose 0.9%, National Bureau of Statistics data showed. “China’s economy has been strong externally in 2025, but still has domestic headwinds,” said Ben Bennett, head of investment strategy for Asia at L&G Asset Management in Hong Kong. 3
Risk appetite also cooled globally after President Donald Trump threatened a widening set of tariffs on European countries, hitting U.S. tech stocks listed in Europe and weighing on broader sentiment. U.S. shares were closed on Monday for a holiday, but Nasdaq 100 futures were down more than 1%. 4
Tencent was among Hong Kong’s top five stocks by turnover, with about HK$8.1 billion worth of shares traded, behind the Tracker Fund of Hong Kong and alongside other index-heavy names. Turnover tends to climb on down days when investors cut exposure rather than add to it. 5
Tencent generates revenue from online games and social network services, plus advertising and financial technology and business services — a mix that can make the stock sensitive to shifts in consumer spending and corporate marketing budgets. In weeks like this, traders often treat it less as a single-company story and more as a liquid proxy for China growth. 6
But the housing slump is still the overhang. China’s new home prices fell 0.4% in December from November and were down 2.7% year-on-year, the steepest annual drop in five months, keeping pressure on confidence and big-ticket spending. 7
For Tencent holders, the next hard date is March 18, when the board is scheduled to meet to approve annual results for the year ended Dec. 31, 2025 and consider a final dividend, a filing showed. Before the next Hong Kong session on Jan. 20, investors will be watching for any fresh policy signals on demand support — and whether the risk-off tone eases. 8
