<Research> BOCI Maintains Buy Rating on XIAOMI-W with Target Price of HKD 47.88
Electric Vehicle Performance: XIAOMI-W delivered over 39,000 electric vehicles in January, marking a 70% year-over-year increase but a 20% month-over-month decline, outperforming peers due to reserved orders and promotional schemes.
Profit Margin Outlook: A decline in high-margin SU7-ultra models is expected to reduce XIAOMI-W's gross profit margin by 1-2 percentage points in Q4 2025, although revenue growth and economies of scale may boost operating profit.
Analyst Ratings: Citi has lowered its adjusted net profit forecasts for XIAOMI-W and reduced the target price to $43, reflecting concerns about profitability.
Investment Potential: BOCI maintains a Buy rating with a target price of HKD47.88, highlighting the company's ongoing investments in AI, robotics, and chips as key factors supporting its valuation.
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Short Selling Activity Reaches $39.4B, Representing 29% of Eligible Securities Turnover at Market Close
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $39.4 billion, accounting for 29% of the eligible securities turnover, slightly up from 28.2% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include CSOP HS TECH, TRACKER FUND, HSCEI ETF, BABA-W, and XIAOMI-W, with CSOP HS TECH leading at $4.83 billion and a short selling ratio of 64.4%.
CSOP HS TECH Performance: CSOP HS TECH (03033.HK) saw a decrease of 2.947% with a short selling turnover of $4.83 billion, representing a significant short selling ratio.
Other Notable Stocks: TRACKER FUND (02800.HK) and HSCEI ETF (02828.HK) also had substantial short selling amounts of $4.62 billion and $3.37 billion, respectively, with short selling ratios of 52.1% and 44.5%.
<Daily Summary> HSI Falls 292 Points; HSTI Declines 156 Points; BABA Drops More Than 4%; XIAOMI Decreases Over 3%; HENDERSON LAND, MIDEA GROUP, CNOOC, HANG LUNG PPT, SHK PPT Reach New Peaks; Market Activity Increases
Market Performance: The Hang Seng Index (HSI) fell by 292 points (1.1%) to close at 26,413, while the Hang Seng Tech Index (HSTI) dropped 156 points (2.9%) to 5,211, with a total market turnover of $165.37 billion.
Declining Heavyweights: Major stocks like Alibaba, Xiaomi, Tencent, and Meituan experienced significant declines, with Alibaba down 4.9% and Xiaomi down 3.5%, reflecting a broader trend of short selling in the market.
Notable Movers: JD Health and Baidu saw substantial drops of 6.3%, while Beigene and PetroChina gained 4.2% and 3.7%, respectively, indicating mixed performance among HSI and HSCEI constituents.
High Performers in Smaller Stocks: Stocks like DOBOT and GUOFUHEE surged by over 17%, showcasing strong gains in smaller companies despite the overall market downturn.
Short Selling Activity Reaches $20B, Accounting for 28.7% of Eligible Securities Turnover by Midday
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $20 billion at midday, accounting for 28.7% of the turnover of securities eligible for short selling, slightly up from 28.2% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include CSOP HS TECH, TRACKER FUND, HSCEI ETF, BABA-W, and XIAOMI-W, with CSOP HS TECH leading at $3.09 billion and a short selling ratio of 65.6%.
CSOP HS TECH Performance: CSOP HS TECH (03033.HK) saw a decrease of 2.57% with a short selling turnover of $3.09 billion, representing a high short selling ratio of 65.6%.
Other Notable Stocks: TRACKER FUND (02800.HK) and HSCEI ETF (02828.HK) followed with short selling amounts of $2.41 billion and $1.49 billion, respectively, while BABA-W and XIAOMI-W had lower short selling ratios and amounts.
Midday Update: HSI Ends at 26,544, Down 161 Points; HSTI at 5,245, Down 122 Points; BABA Falls Over 3%; HENDERSON LAND, CNOOC, HANG LUNG PPT, MIDEA GROUP, and SHK PPT Reach New Highs
Market Performance: The HSI fell by 161 points (0.6%) to 26,544, while the HSTI and HSCEI also experienced declines of 2.3% and 0.6%, respectively.
Active Heavyweights: Major stocks like BABA, XIAOMI, and TENCENT saw significant drops, with BABA down 3.7% and XIAOMI down 2.3%, amidst high short selling ratios.
Notable Movers: Beigene and PetroChina were among the gainers, with Beigene rising 4.8% and PetroChina up 4.6%, both hitting new highs.
Short Selling Trends: Several stocks, including JD Health and NTES, faced heavy short selling, indicating bearish sentiment among investors.
XIAOMI-W Buys Back 1.5 Million Shares for $54.7 Million
Stock Performance: XIAOMI-W (01810.HK) experienced a decrease of 0.489%, with short selling amounting to $556.60 million and a ratio of 38.393%.
Share Repurchase: The company repurchased 1.5 million shares on February 16, 2026, at prices between HKD36.38 and HKD36.5, totaling approximately HKD54.704 million.
Cumulative Repurchase: Since the resolution passed on June 5, 2025, XIAOMI-W has repurchased a total of 239 million shares, representing 0.92% of its share capital.
Market Data Note: The Hong Kong stock quotes are delayed by at least 15 minutes, and the short selling data is current as of February 16, 2026, at 12:25 PM.
<Midday Update> HSI Ends Midday at 26,705, Gaining 138 Points; HSTI Reaches 5,367, Up 7 Points; ZIJIN MINING Surges Over 4%; HK & CHINA GAS, CK ASSET, WH GROUP, TIANGONG INT'L, and CONCH VENTURE Achieve New Record Highs
Market Performance: The Hang Seng Index (HSI) rose by 138 points (0.5%) to 26,705, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) also saw slight gains.
Active Heavyweights: Notable movements included HKEX (+0.9%), PING AN (+0.4%), and TENCENT (+0.2%), while XIAOMI, BABA, and MEITUAN experienced minor declines.
Significant Movers: ZIJIN MINING surged by 4.7%, CHINAHONGQIAO increased by 3.9%, and CNOOC rose by 3.7%, while YUM CHINA fell by 4.6%.
Short Selling Trends: High short selling ratios were observed in several stocks, with YUM CHINA at 47.6% and MEITUAN at 25.8%, indicating significant market speculation.
Short Selling Activity Reaches $39.4B, Representing 29% of Eligible Securities Turnover at Market Close
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $39.4 billion, accounting for 29% of the eligible securities turnover, slightly up from 28.2% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include CSOP HS TECH, TRACKER FUND, HSCEI ETF, BABA-W, and XIAOMI-W, with CSOP HS TECH leading at $4.83 billion and a short selling ratio of 64.4%.
CSOP HS TECH Performance: CSOP HS TECH (03033.HK) saw a decrease of 2.947% with a short selling turnover of $4.83 billion, representing a significant short selling ratio.
Other Notable Stocks: TRACKER FUND (02800.HK) and HSCEI ETF (02828.HK) also had substantial short selling amounts of $4.62 billion and $3.37 billion, respectively, with short selling ratios of 52.1% and 44.5%.
<Daily Summary> HSI Falls 292 Points; HSTI Declines 156 Points; BABA Drops More Than 4%; XIAOMI Decreases Over 3%; HENDERSON LAND, MIDEA GROUP, CNOOC, HANG LUNG PPT, SHK PPT Reach New Peaks; Market Activity Increases
Market Performance: The Hang Seng Index (HSI) fell by 292 points (1.1%) to close at 26,413, while the Hang Seng Tech Index (HSTI) dropped 156 points (2.9%) to 5,211, with a total market turnover of $165.37 billion.
Declining Heavyweights: Major stocks like Alibaba, Xiaomi, Tencent, and Meituan experienced significant declines, with Alibaba down 4.9% and Xiaomi down 3.5%, reflecting a broader trend of short selling in the market.
Notable Movers: JD Health and Baidu saw substantial drops of 6.3%, while Beigene and PetroChina gained 4.2% and 3.7%, respectively, indicating mixed performance among HSI and HSCEI constituents.
High Performers in Smaller Stocks: Stocks like DOBOT and GUOFUHEE surged by over 17%, showcasing strong gains in smaller companies despite the overall market downturn.
Short Selling Activity Reaches $20B, Accounting for 28.7% of Eligible Securities Turnover by Midday
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $20 billion at midday, accounting for 28.7% of the turnover of securities eligible for short selling, slightly up from 28.2% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include CSOP HS TECH, TRACKER FUND, HSCEI ETF, BABA-W, and XIAOMI-W, with CSOP HS TECH leading at $3.09 billion and a short selling ratio of 65.6%.
CSOP HS TECH Performance: CSOP HS TECH (03033.HK) saw a decrease of 2.57% with a short selling turnover of $3.09 billion, representing a high short selling ratio of 65.6%.
Other Notable Stocks: TRACKER FUND (02800.HK) and HSCEI ETF (02828.HK) followed with short selling amounts of $2.41 billion and $1.49 billion, respectively, while BABA-W and XIAOMI-W had lower short selling ratios and amounts.
Midday Update: HSI Ends at 26,544, Down 161 Points; HSTI at 5,245, Down 122 Points; BABA Falls Over 3%; HENDERSON LAND, CNOOC, HANG LUNG PPT, MIDEA GROUP, and SHK PPT Reach New Highs
Market Performance: The HSI fell by 161 points (0.6%) to 26,544, while the HSTI and HSCEI also experienced declines of 2.3% and 0.6%, respectively.
Active Heavyweights: Major stocks like BABA, XIAOMI, and TENCENT saw significant drops, with BABA down 3.7% and XIAOMI down 2.3%, amidst high short selling ratios.
Notable Movers: Beigene and PetroChina were among the gainers, with Beigene rising 4.8% and PetroChina up 4.6%, both hitting new highs.
Short Selling Trends: Several stocks, including JD Health and NTES, faced heavy short selling, indicating bearish sentiment among investors.
XIAOMI-W Buys Back 1.5 Million Shares for $54.7 Million
Stock Performance: XIAOMI-W (01810.HK) experienced a decrease of 0.489%, with short selling amounting to $556.60 million and a ratio of 38.393%.
Share Repurchase: The company repurchased 1.5 million shares on February 16, 2026, at prices between HKD36.38 and HKD36.5, totaling approximately HKD54.704 million.
Cumulative Repurchase: Since the resolution passed on June 5, 2025, XIAOMI-W has repurchased a total of 239 million shares, representing 0.92% of its share capital.
Market Data Note: The Hong Kong stock quotes are delayed by at least 15 minutes, and the short selling data is current as of February 16, 2026, at 12:25 PM.
<Midday Update> HSI Ends Midday at 26,705, Gaining 138 Points; HSTI Reaches 5,367, Up 7 Points; ZIJIN MINING Surges Over 4%; HK & CHINA GAS, CK ASSET, WH GROUP, TIANGONG INT'L, and CONCH VENTURE Achieve New Record Highs
Market Performance: The Hang Seng Index (HSI) rose by 138 points (0.5%) to 26,705, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) also saw slight gains.
Active Heavyweights: Notable movements included HKEX (+0.9%), PING AN (+0.4%), and TENCENT (+0.2%), while XIAOMI, BABA, and MEITUAN experienced minor declines.
Significant Movers: ZIJIN MINING surged by 4.7%, CHINAHONGQIAO increased by 3.9%, and CNOOC rose by 3.7%, while YUM CHINA fell by 4.6%.
Short Selling Trends: High short selling ratios were observed in several stocks, with YUM CHINA at 47.6% and MEITUAN at 25.8%, indicating significant market speculation.
