Hong Kong stocks wrap up March! The Hang Seng Tech Index fell nearly 10% this month

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On March 31, news reported that Hong Kong stocks marked the end of March. This month’s three major indexes all closed lower. The Hang Seng Tech Index fell by more than 9%, the Hang Seng Index dropped by more than 6%, and the Hang Seng Enterprises Index declined by more than 5%.

Today, Hong Kong’s three major indexes saw mixed performance. As of the close, the Hang Seng Index rose 0.15% to 24788.14, the Hang Seng Tech Index fell 0.86%, and the Enterprises Index fell 0.3%. On the trading board, internet and telecom stocks were mostly down rather than up. NetEase, Alibaba, Meituan, Xiaomi, and Bilibili fell by more than 1%, while Tencent rose 0.5%. The semiconductor sector weakened, with TianShu Zhixin falling 12%. Coal stocks led the declines, with China Qinfa falling by more than 6%. Oil and gas stocks weakened, and Shandong Molong fell by more than 14%. Two new stocks listed today: Fourier surged 100%, while Copper Master fell by more than 49%.

The semiconductor sector weakened, and TianShu Zhixin fell 12%. Driven by concerns about reduced demand caused by Google’s data compression algorithm and the impact of earlier excessive stockpiling, spot prices for DDR5 memory have recently crashed by nearly 30%. However, the plunge has been limited to the consumer-side retail market, where its share of total market transactions is at most only in the low single-digit percentages. Demand for AI cores driven by servers remains booming. Although spot market sentiment is under pressure, revenue from server contract manufacturing and DRAM export data are still growing strongly, and fundamentals in the industry remain solid. Compared with spot price volatility, the real systemic risks facing the storage sector come from the surge in energy costs triggered by the conflict in the Middle East and the accumulation of AI-industry debt.

Coal stocks led the declines, with China Qinfa falling by more than 6%. Recently, 26 listed coal companies jointly released their 2025 performance outlook. Affected by changes in industry supply and demand conditions, coal sales volume and average selling price declined, leading to a year-on-year drop in industry performance. Among them, Panjiang Shares and Huaihe Energy saw increases; China Shenhua and Shanxi Coking Coal, among 11 other listed coal companies, are expected to see profit declines. Yunmei Energy is expected to narrow losses, while Zhengzhou Coal and Electric Power and Kailuan Shares, among 12 listed coal companies, are expected to report losses.

Oil and gas stocks weakened, and Shandong Molong fell by more than 14%. Trump told his aides that even if the Strait of Hormuz remains broadly closed, he is willing to end military operations against Iran, because forcefully reopening the strait would exceed the original operational timeframe of 4 to 6 weeks. After the news, US stock index futures turned higher, and WTI crude oil’s gains narrowed to less than 1%. Although Trump prefers to end the war as soon as possible, the United States’ military deployments are still moving forward. Trump is also considering sending large numbers of ground troops to the Middle East.

Two new stocks listed today: Fourier surged 100%, while Copper Master fell by more than 49%.

During the public offering stage, Fourier was subscribed 3118.43 times, and the final number of shares allocated in the public offering was 2.4 million shares, accounting for approximately 20% of the total offer shares. A total of about 118,537 valid applications were received, with about 18,405 applications being accepted. The approximate percentage of shares allocated for each subscription lot, relative to the total number of shares applied for, was about 5%.

During the public offering stage, Copper Master was subscribed 59.55 times, and the final number of shares allocated in the public offering was 1.11M shares, accounting for approximately 15% of the total offer shares. A total of about 26,280 valid applications were received, with about 3,004 applications being accepted. The approximate percentage of shares allocated for each subscription lot, relative to the total number of shares applied for, was about 2.78%.

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责任编辑：Hao Xinyu