A-share's three major stock indexes fluctuated lower, chemicals rebounded, memory stocks fell across the board, Hang Seng Tech Index dropped nearly 1%, Kuaishou plunged over 10%, Pop Mart fell more than 7% again.
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A-share memory stocks collectively adjusted, according to a Wallstreetcn article. Google releases KV cache compression technology, overnight US stock memory stocks generally fell, with SanDisk and Micron leading the declines. Hong Kong stocks Pop Mart continues to plunge, previously Morgan Stanley, Citi and other institutions lowered Pop Mart's target price, said its earnings guidance is lower than expected, overseas growth slowed and high base brings short-term pressure.
On March 26, A-shares opened lower across the board, the three major indexes all fell in early trading, petrochemical sector rebounded, memory, HBM and other computing hardware stocks adjusted, semiconductor, photovoltaic and other sectors among the biggest losers. Hong Kong stocks also opened lower and fell further, Hang Seng Index and Hang Seng Tech Index both dropped, Hang Seng Tech Index fell nearly 1%, tech stocks generally declined, Kuaishou plunged more than 10%. New consumption stocks continued to adjust, Pop Mart fell more than 7%.
In the bond market, treasury futures rose amidst volatility. For commodities, domestic commodity futures mostly rose, container shipping index, crude oil and others rebounded, core market moves:
A-share: As of the time of publication, Shanghai Composite rose 0.01%, Shenzhen Component fell 0.09%, ChiNext fell 0.23%.
Hong Kong stocks: As of publication, Hang Seng Index fell 0.63%, Hang Seng Tech Index fell 0.93%.
Bond market: Treasury futures all rose, as of publication, 30-year main contract up 0.06%, 10-year main contract up 0.05%, 5-year main contract up 0.04%, 2-year main contract flat.
Commodities: Most domestic commodity futures rose, as of publication, chemical products led the gains, butadiene rubber up 3.34%; all shipping futures rose, container shipping index (Europe route) up 1.75%; energy products mixed, crude oil up 1.49%; most base metals rose, Shanghai nickel up 1.26%; ferrous metals mixed, silicon iron up 1.23%; all new energy materials rose, industrial silicon up 0.69%. Precious metals led the declines, palladium down 2.12%; all non-metal building materials fell, glass down 1.13%.
09:46
Pop Mart plunged for the second consecutive trading day, as of publication down more than 7%.
According to Wallstreetcn article, the latest financial report shows that for the full year 2025, the group achieved RMB 37.12 billion in revenue, up 184.7% year-on-year; net profit reached RMB 13.01 billion, up 293.3% year-on-year.
However, data shows, THE MONSTERS family, with LABUBU as its core, achieved annual revenue of RMB 14.16 billion, the proportion of a single IP in the company’s total revenue surged sharply from 23% in 2024 to 38.1% (nearly 40%). Meanwhile, the company failed to show expected support for a second growth curve: flagship veteran IP Molly recorded revenue of RMB 2.9 billion, lower than the market consensus of RMB 4.6 billion; another well-known IP Crybaby also fell short of expectations. Analysis institutions point out that the highly concentrated growth structure exposes the company to huge risks when Labubu fever cools or counterfeits spread.
At the post-financial report performance press conference, Pop Mart chairman and CEO Wang Ning said that in 2026 they will strive for a growth rate not below 20%.
Previously, Morgan Stanley, Citi and other institutions lowered Pop Mart's target price, citing earnings guidance below expectations, slowing overseas growth and high base bringing short-term pressure. However, they also pointed out that after the stock price adjustment, valuation has become attractive to some extent.
Citi analyst Lydia Ling and others said Pop Mart's annual performance was below expectations mainly because the slowdown in the Americas market in the fourth quarter of 2025 exceeded expectations. Given the company management's cautious guidance, Citi cut their earnings forecasts for FY2026-2027 by 13-15%.
Morgan Stanley analyst Dustin Wei and others said in their report that Pop Mart's sales performance in last year's fourth quarter and the 2026 guidance weakened bullish confidence, causing them to lower earnings forecasts for 2026-2027 by about 4%. Overseas growth in 2026 may slow, but Morgan Stanley thinks the offline-driven growth mode remains effective.
Jefferies analyst Anne Ling and others said that although the company's guidance for sales growth over 20% in 2026 fell short of market expectations, Jefferies believes this growth rate remains solid. Under the influence of a high base, short-term volatility in the share price is possible, but the company's continued IP investment has established a solid moat.
Kuaishou plunged more than 10% in early trading, the largest intraday drop since April 7th last year.
According to news, the company previously released earnings and expects revenue growth to slow this year to 4%-4.5%; Morgan Stanley lowered the target price.
Morgan Stanley analyst Yang Liu and others noted in their report that in Q4, Koling's revenue was RMB 340 million, slightly below their expectations. Considering the latest guidance, they lowered EPS forecasts for 2026-2028 by 17%-24%.
09:43
Memory concept stocks collectively adjusted, Gigadevice, Biwin Storage, Beijing Junzheng and others led the declines.
09:37
Chemical sector continued rebound in early trading, Bohai Chemical up two boards in a row, Sichuan Meifeng, Xinhua Shares, Hongbai New Materials, Xinghua Shares, Qixiang Tengda followed up.
In terms of news, on Wednesday local time, global chemical giant BASF announced that, due to rising costs caused by the US-Israel-Iran war, the company will raise prices of more products. BASF announced that in Europe, its basic amines product portfolio will be raised, with maximum increases up to 30%, some products possibly higher.
09:32
Computing power leasing concept continued strong in early trading, Auride up five boards in seven days, Litong Electronics, Hongjing Tech, Felixin, Hengrun Shares, Dawai Tech followed up.
In terms of news, National Data Bureau Director Liu Liehong stated that China’s daily Token (word unit) call volume has exceeded 140 trillion. The measurable and priceable nature of Token is becoming the mainstream charging method for AI, SaaS, API services, providing companies with predictable cash flow.
09:26
Shanghai Index opened down 0.17%, ChiNext down 0.54%. Memory, CPO, advanced packaging and other computing hardware themes weakened, AI computing power, semiconductor, lithium mining, consumer electronics concept stocks led declines; photovoltaic, satellite navigation concepts locally strengthened.
09:21
Hang Seng Index opened down 0.27%, at 25267.16 points; Hang Seng Tech Index fell 0.68%. Kuaishou down 9.7%, previously released financial report; JD.com up 2.5%.
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