China's Manufacturing Activities Rebounded In February, Mixue Group Soared 40% In HK Debut

Li Chen
03 Mar, 2025
Hong Kong

Stock market indexes in China and Hong Kong extended losses in the third consecutive week amid elevated international trade uncertainty. 

The Hang Seng index decreased 0.2%, and the CSI 300 dropped 0.18% as investors reviewed the latest surveys on manufacturing activities. 

The Purchasing Managers' Index for the manufacturing industry increased to 50.2 in February from 49.1 in January, according to an update released over the weekend by the National Bureau of Statistics.

A private survey of the manufacturing activities index expanded to 50.8 from 50.1 in January, confirming the rising activities in the sector, Caixin said in its monthly report on Monday.

Both surveys confirmed a rebound in activities, but the bounce has been milder than anticipated amid elevated trade tensions with the U.S. 

Investors also looked ahead to the start of the National People's Congress on Wednesday, and lawmakers are expected to finalize the government target of fiscal spending, debt level, and economic growth in the current year.

Investors are anticipating greater clarity on the previously announced fiscal measures and an annual economic growth target of between 4% and 5%.

 

China Indexes and Stocks 

The Hang Seng index decreased 0.2% to 22,894.14, and the CSI 300 index declined 0.2% to 3,884.60. 

Tech stocks extended losses in Monday's trading as investors worried that the recent run-up in the sector may not be supported by business fundamentals. 

Alibaba Group advanced 1.6% to HK $129.50, Tencent Holdings added 0.8% to HK $482.40, Baidu Inc. fell 0.5% to HK $83.05, and Meituan decreased 0.1% to HK $161.30.

Mixue Group soared more than 40% in its first day of trading to HK$285.80 after the company completed its public offering. 

The bubble tea beverage chain operator priced its initial public offering at HK $202.50 per share, and the retail investor tranche of the offering was oversubscribed by 5,258 times, making it the most popular public offering ever in Hong Kong. 

The company makes the bulk of its revenue by selling milk, coffee, and syrup to 45,000 stores in its global network.