NewTimeSpace | Hong Kong Market Close: The Three Major Indices Continued to Retreat, with the Hang Seng Index Closing Down 1.26%, While Themes Such as Paper & Packaging and Real Estate Investment Trusts Strengthened Against the Trend

NewTimeSpace reported, on November 12, 2026, the three major Hong Kong indices continued to retreat, with the Hang Seng Index down 1.26%, the Hang Seng TECH Index down 2.36%, and the Hang Seng China Enterprises Index down 1.4%. The turnover of the Hang Seng Index was 202.7 billion HKD, higher than that of the previous trading day. Southbound funds saw a net buying of 5.846 billion HKD.

On the market, from an industry perspective. Themes such as paper & packaging, real estate investment trusts, and food & beverages strengthened against the trend. Themes such as non-ferrous metals, consumer discretionary retail, and electrical equipment led the declines.

Of which, 21 constituent stocks of the Hang Seng Index rose and 71 fell. On the downside, ALIBABA-W fell 6.8%, KUAISHOU-W fell 5.3%, and CMOC fell 4.3%. On the upside, LINK REIT rose 3.2%, HUA HONG GRACE rose 2.5%, and WUXI APPTEC rose 2.4%.

Among the Hang Seng TECH Index constituents, 2 rose and 27 fell. On the downside, Z.AI fell 9.1%, MINIMAX-W fell 7.8%, and SENSETIME-W fell 4.3%. On the upside, ILUVATAR COREX rose 8.9%.

Among Hong Kong Stock Connect constituents, BAO PHARMA-B soared 21.1%, TH MEDICAL-B rose 11.5%, and GPIXEL rose 6.4%. On the downside, CREALITY plunged 14.0%, BAIGE DIGITAL fell 10.6%, and ZIJIN GOLD INTL fell 10.4%.

CITIC Securities pointed out that since 2026, the funding conditions of the Hong Kong stock market have been generally tight, and the core contradiction is the mismatch between the increase in equity supply and the limited funds available to absorb it. On the demand side, the trend of foreign capital outflow has reversed, with a full-year net inflow expected of 110.4 billion HKD; however, southbound funds are suppressed by factors such as the weakening money-making effect and the appreciation of the Renminbi, with inflows slowing to about 452 billion HKD for the full year. On the supply side, IPOs and refinancing for the full year total close to one trillion HKD, and the unlocking of restricted shares amounts to about 1.19 trillion HKD, which is difficult for incremental funds to absorb. Therefore, in the coming months, the funding conditions of the Hong Kong stock market will remain tight, the market may be dominated by structural opportunities, and the importance of industry rotation will become prominent. Recently, foreign capital has returned noticeably and the short-selling ratio has fallen for four consecutive weeks; it suggests paying attention to directions with favorable funding conditions such as internet healthcare, auto parts, and transportation. (Source: CITIC Securities, 20261111, "Hong Kong Market | Funding Conditions Remain Tight, Focus on Industry Rotation")