[ET Net News Agency, 13 March 2026] Iran's Supreme Leader-designate Mojtaba issued his
first official statement on Thu, 12 Apr, saying Iran will not give up on revenge, will
continue to blockade the Strait of Hormuz, and will open new fronts if necessary.
Overnight, the three major US indices fell more than 1%. The HSI opened lower by over 100
points this morning in line with external markets; its early slide widened to 241 points
before tech stocks rallied to trim losses. At midday, the HSI closed at 25,593, down 123
points or 0.5%, with main board turnover near HKD 126.1 billion. The Hang Seng China
Enterprises Index stood at 8,698, down 1 point or less than 0.1%. The Hang Seng Tech Index
was at 5,007, down 20 points or 0.4%.

"Kwok Ka Yiu: US stocks remain under pressure, Hong Kong stocks show stronger resilience"

The Middle East conflict has not ended as quickly as US President Trump claimed.
Navigation in the Strait of Hormuz remains unsecured, and international oil prices have
broken above 100 US dollars per barrel, roiling global markets. However, the HSI's decline
has been relatively small. Kwok Ka Yiu, the Director of Business Development at Harbour
Family Office, told ET Net News Agency that Hong Kong stocks have shown stronger
resilience, supported by defensive names such as oil and telecom shares. He added that
southbound flows have been increasing holdings in Hong Kong stocks during market declines.
Beyond trading ETFs, they have also bought various individual names, providing longer-term
support to the market. As for the US market outlook, it still depends on oil prices.
Elevated oil prices would clearly lift inflation, making rate cuts less likely and keeping
US stocks under pressure.

"Li Auto: Technical support remains, but the reward is unattractive"

Li Auto (02015) posted a disappointing fourth quarter, with adjusted profit plunging
93.5%. Full-year revenue fell 22%, and deliveries also dropped by over 31%. First-quarter
deliveries are expected to decline by 3% to 8.5%. Chairman and CEO Li Xiang said that
after the company's 2025 adjustments, the group has seen positive changes in many areas,
and added that 2026 will usher in a key product cycle. The new Li Auto L9, due in the
second quarter, will feature comprehensive upgrades in the powertrain, intelligent
driving, and chassis technologies.
Kwok said the Mainland China auto market environment is currently weak. After losing
multiple official subsidies and policy support, volumes are hard to lift. Due to its own
strategic stance, Li Auto is unwilling to expand into the mass market; amid consumption
downgrading, it is harder for mid to high-end models to expand market share.
Li Auto opened down 2% this morning. Kwok noted the share price base looks relatively
stable, but any rebound still depends on whether future deliveries and gross margin
improve. He also advised against new purchases at present. For existing holders, he
suggested waiting until the price reclaims above HKD 70 before considering loosening
positions.