The market is monitoring progress in US-Iran war negotiations, with Hong Kong stocks fluctuating higher today (20th). Hopes for potential progress in US-Iran talks lifted US equities last Friday (17th), with the DJIA and Nasdaq rising 1.8% and 1.5%, respectively. At the time of writing, the US 2-year Treasury yield climbed to 3.741%, while the 10-year Treasury yield rose to 4.272%. The US Dollar Index fell to 98.29. DJIA futures were last down 359 points or 0.72%, and Nasdaq futures slipped 179 points or 0.67%. The Shanghai Composite Index closed up 30 points or 0.76% at 4,082, while the Shenzhen Component Index gained 0.55% to 14,966, hitting a more than four-year high. The ChiNext Index edged down 0.02% to 3,677. Total turnover on the Shanghai and Shenzhen markets reached nearly RMB2.56 trillion.

The HSI opened up 44 points and extended gains, once rising 251 points to a peak of 26,411. It closed up 200 points or 0.8% at 26,361. The HSCEI gained 54 points or 0.6% to 8,899, while the HSTECH rose 22 points or 0.46% to 5,065. Total market turnover for the day amounted to HKD241.463 billion. Northbound trading turnover totaled HKD100.18 billion, while southbound funds recorded a net outflow of HKD3.909 billion today (vs a net inflow of HKD17.01 billion in the previous trading day). Kingboard Laminates (01888.HK)  +3.280 (+10.629%)    Short selling $188.22M; Ratio 24.946%   once rose 3.3% and closed up 0.3% at HKD28.34.

Related NewsLoan Prime Rate 1Y for April 2026 in China is 3.00%, unchanged from its last period. The forecast was 3.0%.
ManycoreTech Surges 1x; AI Stocks in Demand

Recent IPOs were sought after. ManycoreTech (00068.HK)  -7.020 (-18.770%)   , one of the "Hangzhou Six Dragons," surged 1.01x to close at HKD37.44, with turnover of HKD3.976 billion. AI-related stocks were actively traded. Zhipu (02513.HK)  +42.000 (+4.260%)    Short selling $55.07M; Ratio 5.362%   and MiniMax (00100.HK)  -69.500 (-7.489%)    Short selling $366.98M; Ratio 54.145%   rose 9.4% and 6.1%, respectively. Insilico Medicine (03696.HK)  -3.700 (-4.917%)    Short selling $49.14M; Ratio 26.230%   and ModelBest (06682.HK)  -1.600 (-4.040%)    Short selling $69.42M; Ratio 26.917%   gained 14.1% and 12.5%, while Unisound (09678.HK)  -26.200 (-7.077%)    Short selling $419.22K; Ratio 0.380%   climbed 9.5%. TENCENT (00700.HK)  -8.800 (-1.746%)    Short selling $1.80B; Ratio 26.517%   rose 2.4%, while BIDU (09888.HK)  -0.600 (-0.495%)    Short selling $222.61M; Ratio 66.123%   , NTES (09999.HK)  -5.200 (-2.928%)    Short selling $79.84M; Ratio 21.358%   and KUAISHOU (01024.HK)  -1.200 (-2.647%)    Short selling $727.32M; Ratio 74.071%   advanced between 0.7% and 1.1%.

US technology website The Information, citing multiple sources, reported that DeepSeek has recently begun engaging with investors for its first round of external fundraising, targeting at least USD300 million at a minimum valuation of USD10 billion.

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1,100 Stocks Decline; Solar Stocks Advance

Market breadth improved today. The ratio of advancers to decliners on the Main Board was 28 to 22 (previous day: 19 to 31), with 1,167 stocks rising (up 2.8%). Among HSI constituents, 61 stocks rose and 28 fell, with an advancers-to-decliners ratio of 68 to 31 (previous day: 18 to 80). Short selling amounted to HKD40.03 billion, accounting for 19.697% of the HKD203.235 billion turnover of securities eligible for short selling.

Xinyi Solar (00968.HK)  -0.020 (-0.658%)    Short selling $29.73M; Ratio 47.968%   and GCL Tech (03800.HK)  -0.010 (-1.000%)    Short selling $30.95M; Ratio 27.574%   surged 6.2% and 4.1%, respectively, while flat glass producer Flat Glass Group (06865.HK)  -0.200 (-1.992%)    Short selling $4.64M; Ratio 32.428%   gained 7.9%. Xinte Energy (01799.HK)  +0.050 (+0.862%)    Short selling $3.97M; Ratio 39.293%   rose 8.4%, and wind power stock Goldwind (02208.HK)  -0.370 (-2.285%)    Short selling $26.00M; Ratio 12.720%   advanced 9.2%.

The Ministry of Industry and Information Technology, the National Development and Reform Commission, the State Administration for Market Regulation and the National Energy Administration jointly convened a symposium on the photovoltaic industry last Friday (17th). In deploying measures to regulate competitive order in the PV sector, authorities stressed the importance and urgency of addressing "involution-style" competition and advancing anti-involution efforts. The meeting called for enhanced inter-departmental coordination to deepen governance of the PV industry, promote capacity control, standard-setting, innovation-driven development, price enforcement, quality supervision, mergers and acquisitions, and intellectual property protection, in a bid to drive high-quality development of the photovoltaic industry. (wl/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-23 16:25.)

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