The Hong Kong share market has been holding its gains for the week after sharp losses last week, and the support level is well defined.
HK 50 – Daily Chart
The HK 50 on the weekly chart saw a sharp sell-off last week, and that has found support at the 24,907 level. That is now the key support for the current uptrend.
Autonomous driving companies Pony AI and WeRide are the latest to jump on the Hong Kong IPO bandwagon. The two companies have received regulatory approval from the China Securities Regulatory Commission for around 102 million shares each.
Both firms recently announced partnerships with local firms to start autonomous shuttle services in Singapore. WeRide and Grab announced two routes, while Pony AI joined with ComfortDelGro for a single route. Passenger trials are scheduled to begin in early 2026.
Pony AI listed its shares in the U.S. last year, and the stock has been up more than 70% since then. In contrast, WeRide has seen its shares down by 31%.
Meanwhile, HSBC Bank has proposed the privatisation of Hang Seng Bank in a deal worth HK$106 billion. The company has been criticized for its stake in a bank which is struggling with its exposure to struggling property markets in the city and mainland China.
HSBC said that it would pause its share buyback program for around three quarters to build up capital for the acquisition.
Shares in rare earth companies have been higher in China and the U.S. after Beijing tightened its control over the important minerals market. The latest restrictions will come ahead of the scheduled meeting between U.S. President Trump and China’s Xi in South Korea at the end of the month.
“This helps with increasing leverage for Beijing ahead of the anticipated Trump-Xi summit in South Korea later this month,” said Tim Zhang at Singapore’s Edge Research.
