[ET Net News Agency, 04 May 2026] Last Thursday, the three major US indices surged in response to positive economic data. On Friday, US stocks saw mixed performance, and the Hong Kong stock market caught up upon its reopening. Shortly after the opening, the HSI's gains expanded to 500 points, not only breaking through 26,000 but also surpassing four major moving averages in one go, including the 10-day line (approx. 26,061), 20-day line (approx. 25,929), 50-day line (approx. 25,819), and 100-day line (approx. 26,101). The gains subsequently narrowed slightly, but since southbound capital was absent and unable to seize the opportunity to sell, selling pressure was not severe. The HSI still closed the half-day session at 26,215, up 438 points or 1.7%. The Hang Seng China Enterprises Index stood at 8,824, up 142 points or 1.6%. The Hang Seng Tech Index stood at 5,010, up 139 points or 2.9%. It is worth noting that although Stock Connect was suspended today, the half-day turnover of the Main Board still reached approximately HKD 107.6 billion.
"Nip Chun Pong: Heavyweight results combined with Xi-Trump meeting; HSI expected to have support in the short term"
US President Trump announced the launch of a rescue operation named "Project Freedom" to assist cargo ships and merchant vessels trapped by the blockade of the Strait of Hormuz in evacuating safely. Market optimism ran high, and apart from the Mainland China and Japanese markets which were closed for holidays, Asia-Pacific stocks generally rose, with both Korea and Taiwan stocks soaring over 4%. Nip Chun Pong, the Chief Strategist at Solo Securities, told ET Net News Agency that besides the easing of geopolitical tensions, Hong Kong stocks had previously lagged behind overseas markets. Since the US and Israel launched an offensive against Iran in late February, global stock markets have generally suffered. However, overseas markets have recently shown strong momentum, with indices in the US, Japan, Korea, and Taiwan all surpassing levels seen before the Middle East conflict in late February, whereas only the HSI has yet to catch up to its pre-war level (approx. 26,600). Therefore, it took the opportunity to catch up today. Nip Chun Pong stated that because chip stocks have been hotly traded recently, and chip stocks in the aforementioned countries carry a larger weight in their indices, whereas Hong Kong blue chips only have one chip stock, SMIC (00981), and its weight in the HSI is not large, the HSI's gains have failed to keep up with those markets recently.
Nip Chun Pong stated that since 8 Apr, the HSI has been fluctuating within the 25,500 to 26,500 range. Without its own positive news in the short term, the index is expected to remain within this range. However, heavyweight tech stocks such as Tencent (00700) and Alibaba (09988) will announce results in the middle of this month, and the US President is expected to visit Mainland China in mid-month, so the HSI is expected to be relatively optimistic in the short term. If the HSI can stay firm at 26,500 points this week, the market outlook is expected to break upwards. If heavyweight tech enterprises deliver good results and the meeting between the Chinese and US heads of state brings positive information, it is not ruled out that the HSI may have a chance to look towards 27,000 points.
"Car enterprises' monthly data show mixed results; Xiaomi takes opportunity to bounce and challenge HKD 33"
Several car enterprises announced April sales data with mixed results. Among them, XPeng (09868) delivered 31,011 new vehicles in April, down 11.51% year on year and up 13.1% month on month. Li Auto (02015) delivered approximately 34,000 new vehicles in April, up 0.4% year on year. Geely Automobile (01175) had a total sales volume of approximately 235,000 vehicles in April, flat compared to the same period last year and up slightly by approximately 200 units month on month. NIO-SW (09866) delivered approximately 29,000 vehicles in April, a year-on-year increase of 22.8%.
Meanwhile, Xiaomi (01810) delivered over 30,000 units in April, up about 7% year on year and 50% month on month, with the growth rate hitting an annual high. In the first four months of 2026, Xiaomi EV's cumulative delivery reached 109,000 units, a year-on-year increase of 11%, of which locked orders for the new generation SU7 have exceeded 70,000 units.
Nip Chun Pong believes that Xiaomi's April delivery data was good, and the cumulative delivery in the first four months also increased by more than 10% year on year. Given the severe "involution" in the Mainland China automobile market, maintaining year-on-year growth in delivery is a decent achievement, and the number of locked orders for the SU7 is also quite outstanding. He pointed out that when the SU7 was first launched, the market still had reservations about the vehicle. Coupled with several traffic accidents involving Xiaomi reported last year, the market worried about shaken consumer confidence. However, judging from recent sales data, those negative reports have gradually faded.
Nip Chun Pong stated that besides the ideal delivery data for the first four months, it is reported that the Xiaomi YU7 GT will be launched at the end of this month. The car is positioned as a "sports car-grade SUV suitable for long-distance travel". Unlike the SU7 Ultra, this new model does not pursue extreme performance but strikes a balance between high performance, luxury comfort, and long range. Nip Chun Pong noted that as Xiaomi's share price has been depressed recently, falling from a high of HKD 61.45 last June to a recent low of HKD 28.8, dropping by more than half during the period, the share price took the opportunity to make a technical rebound today. However, the stock also started a wave of rebounds in April, meeting resistance near HKD 33. Therefore, investors should observe whether this rebound can break through that resistance level.
BYD (01211) sold approximately 321,000 vehicles in April, down 15.5% year on year and up 7% month on month, of which exports of new energy vehicles were approximately 135,000 units, up 70.8%. Nip Chun Pong believes that although BYD's April sales data was not ideal, it is a leading new energy vehicle enterprise with a large sales base and narrow room for growth. Coupled with the involution of the Mainland China car market, the decline in sales was already expected by the market. As long as the decline is not too sharp, it is expected that the market can still accept it. BYD has been continuously consolidating from its high in May last year. The share price saw a low of HKD 88.5 in early February, after which it began to see a rebound. Today, despite the unideal April sales data, the trend remains steady with an upward bias. The stock is expected to remain volatile on the upside in the short term, with a chance to look towards HKD 110 to HKD 115.
"Nip Chun Pong: Heavyweight results combined with Xi-Trump meeting; HSI expected to have support in the short term"
US President Trump announced the launch of a rescue operation named "Project Freedom" to assist cargo ships and merchant vessels trapped by the blockade of the Strait of Hormuz in evacuating safely. Market optimism ran high, and apart from the Mainland China and Japanese markets which were closed for holidays, Asia-Pacific stocks generally rose, with both Korea and Taiwan stocks soaring over 4%. Nip Chun Pong, the Chief Strategist at Solo Securities, told ET Net News Agency that besides the easing of geopolitical tensions, Hong Kong stocks had previously lagged behind overseas markets. Since the US and Israel launched an offensive against Iran in late February, global stock markets have generally suffered. However, overseas markets have recently shown strong momentum, with indices in the US, Japan, Korea, and Taiwan all surpassing levels seen before the Middle East conflict in late February, whereas only the HSI has yet to catch up to its pre-war level (approx. 26,600). Therefore, it took the opportunity to catch up today. Nip Chun Pong stated that because chip stocks have been hotly traded recently, and chip stocks in the aforementioned countries carry a larger weight in their indices, whereas Hong Kong blue chips only have one chip stock, SMIC (00981), and its weight in the HSI is not large, the HSI's gains have failed to keep up with those markets recently.
Nip Chun Pong stated that since 8 Apr, the HSI has been fluctuating within the 25,500 to 26,500 range. Without its own positive news in the short term, the index is expected to remain within this range. However, heavyweight tech stocks such as Tencent (00700) and Alibaba (09988) will announce results in the middle of this month, and the US President is expected to visit Mainland China in mid-month, so the HSI is expected to be relatively optimistic in the short term. If the HSI can stay firm at 26,500 points this week, the market outlook is expected to break upwards. If heavyweight tech enterprises deliver good results and the meeting between the Chinese and US heads of state brings positive information, it is not ruled out that the HSI may have a chance to look towards 27,000 points.
"Car enterprises' monthly data show mixed results; Xiaomi takes opportunity to bounce and challenge HKD 33"
Several car enterprises announced April sales data with mixed results. Among them, XPeng (09868) delivered 31,011 new vehicles in April, down 11.51% year on year and up 13.1% month on month. Li Auto (02015) delivered approximately 34,000 new vehicles in April, up 0.4% year on year. Geely Automobile (01175) had a total sales volume of approximately 235,000 vehicles in April, flat compared to the same period last year and up slightly by approximately 200 units month on month. NIO-SW (09866) delivered approximately 29,000 vehicles in April, a year-on-year increase of 22.8%.
Meanwhile, Xiaomi (01810) delivered over 30,000 units in April, up about 7% year on year and 50% month on month, with the growth rate hitting an annual high. In the first four months of 2026, Xiaomi EV's cumulative delivery reached 109,000 units, a year-on-year increase of 11%, of which locked orders for the new generation SU7 have exceeded 70,000 units.
Nip Chun Pong believes that Xiaomi's April delivery data was good, and the cumulative delivery in the first four months also increased by more than 10% year on year. Given the severe "involution" in the Mainland China automobile market, maintaining year-on-year growth in delivery is a decent achievement, and the number of locked orders for the SU7 is also quite outstanding. He pointed out that when the SU7 was first launched, the market still had reservations about the vehicle. Coupled with several traffic accidents involving Xiaomi reported last year, the market worried about shaken consumer confidence. However, judging from recent sales data, those negative reports have gradually faded.
Nip Chun Pong stated that besides the ideal delivery data for the first four months, it is reported that the Xiaomi YU7 GT will be launched at the end of this month. The car is positioned as a "sports car-grade SUV suitable for long-distance travel". Unlike the SU7 Ultra, this new model does not pursue extreme performance but strikes a balance between high performance, luxury comfort, and long range. Nip Chun Pong noted that as Xiaomi's share price has been depressed recently, falling from a high of HKD 61.45 last June to a recent low of HKD 28.8, dropping by more than half during the period, the share price took the opportunity to make a technical rebound today. However, the stock also started a wave of rebounds in April, meeting resistance near HKD 33. Therefore, investors should observe whether this rebound can break through that resistance level.
BYD (01211) sold approximately 321,000 vehicles in April, down 15.5% year on year and up 7% month on month, of which exports of new energy vehicles were approximately 135,000 units, up 70.8%. Nip Chun Pong believes that although BYD's April sales data was not ideal, it is a leading new energy vehicle enterprise with a large sales base and narrow room for growth. Coupled with the involution of the Mainland China car market, the decline in sales was already expected by the market. As long as the decline is not too sharp, it is expected that the market can still accept it. BYD has been continuously consolidating from its high in May last year. The share price saw a low of HKD 88.5 in early February, after which it began to see a rebound. Today, despite the unideal April sales data, the trend remains steady with an upward bias. The stock is expected to remain volatile on the upside in the short term, with a chance to look towards HKD 110 to HKD 115.
