Market Updates
Hong Kong and China Markets Diverged, Lofty AI Valuations Dampened Investor Enthusiasm
Li Chen
19 Nov, 2025
Hong Kong
Stock market indexes in China and Hong Kong diverged, and investors adjusted their outlook for AI-linked stocks.
The Hang Seng index decreased 0.5%, and the mainland-focused CSI 300 index rose 0.7% amid growing anxieties about the sustainability of capital spending to build expensive data centers.
Markets in Japan, South Korea, and India extended this week's losses ahead of Nvidia's earnings on Wednesday and U.S. nonfarm payroll data on Thursday.
Investors remained cautious for the third consecutive week in Asia as the AI-driven rally faced market skepticism and the odds of a U.S. rate cut in December receded.
China Indexes and Stocks
The Hang Seng Index decreased 0.5% to 25,816.39, and the mainland-focused CSI 300 index advanced 0.7% to 4,577.77.
Baidu Inc. dropped 0.5% to HK $110.50, and the search company reported a 7% decline in overall revenue in the third quarter.
Electric vehicle makers extended losses for the second week in a row amid worries about thin margins.
Li Auto decreased 2.5% to HK $71.40, BYD edged up 0.5% to HK $87.20, and Xiaomi Corp. dropped 4.3% to HK $39.02.
Semiconductor and AI supply chain-linked stocks were in focus ahead of Nvidia's earnings later in the day.
SMIC decreased 2.7% to HK $72.15, Hua Hong Semiconductor dropped 0.6% to HK $72.15, and NAURA Technology Group fell 0.9% to ¥419.69.
Annual Returns
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Earnings
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