[ET Net News Agency, 13 May 2026] The US announced that the April CPI grew by 3.8% year on year, slightly higher than market expectations and marking the largest increase in nearly three years. Global chip stocks took the opportunity to pull back, but the broader market tended to remain stable, with Asia Pacific stock markets softening before rising. Hong Kong stocks once fell by more than 100 points in the early morning session; however, after the economic and trade teams of Mainland China and the US commenced trade consultations in Korea, Hong Kong stocks clearly turned stronger. The HSI staged a V-shaped rebound to close the midday session at 26,416, up 69 points or 0.3%, with main board turnover exceeding HKD 140.2 billion. The HSCEI stood at 8,891, up 9 points or 0.1%, while the HSTECH was at 5,096, up 26 points or 0.5%.
"Hong Kong stock focus on Tencent and Alibaba results, HSI looks towards 26,800 in the short term"
US President Trump will arrive in Beijing tonight and has stated he will prioritise discussing trade issues with Xi Jinping. Additionally, Tencent (00700) and Alibaba (09988) will announce their first quarter results for this year today. Wan Kong Shing, the Chief Investment Officer of iFAST Global Markets, told ET Net News Agency that compared to the meeting between the leaders of Mainland China and the US, the market is paying closer attention to the upcoming results from Tencent and Alibaba. He explained that the market expects Trump's visit to yield limited results, at most reaching some agreements on economy and trade, with limited impact on the broader market; conversely, the market hopes to verify the current operating conditions of the two companies through their upcoming results.
Wan Kong Shing stated that Tencent's share price performance has been relatively weak over the past few months, and the market hopes to confirm whether it has been affected by tax increases on internet value added services as rumoured. Regarding Alibaba, the focus is on its AI business development, future monetisation capabilities, cloud business, capital expenditure, and even the performance of its subsidiary "Ele.me" (now known as Taobao Shagou), to see if it remains worthy of attention.
Besides the results of Tencent and Alibaba, the market is currently very concerned about the direction of US monetary policy. The US April Consumer Price Index (CPI) rose 3.8% year on year, higher than market expectations, with the year on year growth rate hitting a nearly three year high. Wan Kong Shing mentioned that this data reflects a clear upward momentum in inflation. Under the NACHO market trend, investors are closely watching statements from Federal Reserve officials, expecting them to further dampen market hopes for short term interest rate cuts.
Wan Kong Shing expects the HSI to have a chance to look towards 26,800 points in the short term, but whether this can be achieved depends on whether the meeting between the leaders of Mainland China and the US can release positive news. Support is at 26,000 points; he believes that even if disputes arise in the meeting or if US Iran relations continue to deteriorate, it will be difficult to fall below 25,800.
"JD.com affiliates perform well but fundamental direction remains unclear, short term deployments possible"
The entire JD.com series announced results yesterday, with JD.com (09618) seeing a 42% drop in adjusted net profit, which was better than expected. The results for the other three JD.com entities were also positive: JD Logistics (02618) first quarter net profit rose 95%; JD Industrials (07618) first quarter net profit rose 54%; and JD Health's adjusted net profit rose 6% on a 17% increase in revenue. Furthermore, all three companies simultaneously initiated share buybacks. This morning, JD.com affiliate share prices all performed well, with JD.com rising 7%, JD Logistics up 6.5%, JD Health gaining 6.3%, and JD Industrials soaring 14.6%.
Wan Kong Shing stated that JD.com's results exceeded market expectations this time, driving a significant rise in the share price (the US stock rose about 3.14%, and JD.com's Hong Kong stock rose about 7% this morning), reflecting an improvement in JD.com's fundamentals. Coupled with the support of share buybacks, this has also had a positive impact on the share price. He predicts JD.com may test HKD 133 in the short term; after stabilising at HKD 133, it could test HKD 143.
However, Wan Kong Shing noted that market expectations for JD.com's results were generally low, so this increase at most reflects that JD.com's results were better than expected, rather than confirming the direction of its fundamentals. Considering the large room for speculation in the platform economy, Wan Kong Shing maintains a neutral to positive stance on JD.com and finds it difficult to assert that its share price can sustain a long term uptrend. He suggests that for deployment, a short to medium term cycle should be used, observing the share price trend for one month first and using a HKD 10 range as a target for subsequent arrangements. Additionally, he added that when deploying in JD.com, one should simultaneously monitor the performance of US stocks, as a simultaneous improvement in US stocks would be more conducive to driving JD.com's Hong Kong share price and southbound interest.
"Hong Kong stock focus on Tencent and Alibaba results, HSI looks towards 26,800 in the short term"
US President Trump will arrive in Beijing tonight and has stated he will prioritise discussing trade issues with Xi Jinping. Additionally, Tencent (00700) and Alibaba (09988) will announce their first quarter results for this year today. Wan Kong Shing, the Chief Investment Officer of iFAST Global Markets, told ET Net News Agency that compared to the meeting between the leaders of Mainland China and the US, the market is paying closer attention to the upcoming results from Tencent and Alibaba. He explained that the market expects Trump's visit to yield limited results, at most reaching some agreements on economy and trade, with limited impact on the broader market; conversely, the market hopes to verify the current operating conditions of the two companies through their upcoming results.
Wan Kong Shing stated that Tencent's share price performance has been relatively weak over the past few months, and the market hopes to confirm whether it has been affected by tax increases on internet value added services as rumoured. Regarding Alibaba, the focus is on its AI business development, future monetisation capabilities, cloud business, capital expenditure, and even the performance of its subsidiary "Ele.me" (now known as Taobao Shagou), to see if it remains worthy of attention.
Besides the results of Tencent and Alibaba, the market is currently very concerned about the direction of US monetary policy. The US April Consumer Price Index (CPI) rose 3.8% year on year, higher than market expectations, with the year on year growth rate hitting a nearly three year high. Wan Kong Shing mentioned that this data reflects a clear upward momentum in inflation. Under the NACHO market trend, investors are closely watching statements from Federal Reserve officials, expecting them to further dampen market hopes for short term interest rate cuts.
Wan Kong Shing expects the HSI to have a chance to look towards 26,800 points in the short term, but whether this can be achieved depends on whether the meeting between the leaders of Mainland China and the US can release positive news. Support is at 26,000 points; he believes that even if disputes arise in the meeting or if US Iran relations continue to deteriorate, it will be difficult to fall below 25,800.
"JD.com affiliates perform well but fundamental direction remains unclear, short term deployments possible"
The entire JD.com series announced results yesterday, with JD.com (09618) seeing a 42% drop in adjusted net profit, which was better than expected. The results for the other three JD.com entities were also positive: JD Logistics (02618) first quarter net profit rose 95%; JD Industrials (07618) first quarter net profit rose 54%; and JD Health's adjusted net profit rose 6% on a 17% increase in revenue. Furthermore, all three companies simultaneously initiated share buybacks. This morning, JD.com affiliate share prices all performed well, with JD.com rising 7%, JD Logistics up 6.5%, JD Health gaining 6.3%, and JD Industrials soaring 14.6%.
Wan Kong Shing stated that JD.com's results exceeded market expectations this time, driving a significant rise in the share price (the US stock rose about 3.14%, and JD.com's Hong Kong stock rose about 7% this morning), reflecting an improvement in JD.com's fundamentals. Coupled with the support of share buybacks, this has also had a positive impact on the share price. He predicts JD.com may test HKD 133 in the short term; after stabilising at HKD 133, it could test HKD 143.
However, Wan Kong Shing noted that market expectations for JD.com's results were generally low, so this increase at most reflects that JD.com's results were better than expected, rather than confirming the direction of its fundamentals. Considering the large room for speculation in the platform economy, Wan Kong Shing maintains a neutral to positive stance on JD.com and finds it difficult to assert that its share price can sustain a long term uptrend. He suggests that for deployment, a short to medium term cycle should be used, observing the share price trend for one month first and using a HKD 10 range as a target for subsequent arrangements. Additionally, he added that when deploying in JD.com, one should simultaneously monitor the performance of US stocks, as a simultaneous improvement in US stocks would be more conducive to driving JD.com's Hong Kong share price and southbound interest.
