Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Hong Kong (HSI) Market Analysis & Valuation

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies2309
  • 7D2.0%
  • 3M1.4%
  • 1Y30.6%
  • YTD1.1%

The market is up 1.7% in the last 7 days, led by the Financials and all sectors gaining ground. In the last year, the market has climbed 29%. Earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Hong Kong Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Apr 2026HK$56.9tHK$44.5tHK$4.2t12.5x13.7x1.3x
Sat, 07 Mar 2026HK$56.7tHK$44.0tHK$4.0t12.3x14.1x1.3x
Mon, 02 Feb 2026HK$57.7tHK$43.6tHK$4.0t12.5x14.5x1.3x
Wed, 31 Dec 2025HK$55.8tHK$43.2tHK$4.0t12.1x14.1x1.3x
Fri, 28 Nov 2025HK$56.7tHK$42.7tHK$3.9t12.3x14.4x1.3x
Sun, 26 Oct 2025HK$56.6tHK$42.3tHK$3.8t12.7x14.9x1.3x
Tue, 23 Sep 2025HK$57.0tHK$43.4tHK$4.0t12.4x14.4x1.3x
Thu, 21 Aug 2025HK$56.8tHK$43.6tHK$3.9t12.6x14.5x1.3x
Sat, 19 Jul 2025HK$54.7tHK$43.6tHK$3.9t11.8x14x1.3x
Mon, 16 Jun 2025HK$51.8tHK$43.6tHK$3.9t11.1x13.3x1.2x
Wed, 14 May 2025HK$49.4tHK$43.0tHK$3.8t11.1x13x1.1x
Fri, 11 Apr 2025HK$45.1tHK$42.3tHK$3.7t10.2x12.1x1.1x
Sun, 09 Mar 2025HK$48.9tHK$43.4tHK$3.5t10.5x13.8x1.1x
Tue, 04 Feb 2025HK$44.2tHK$43.3tHK$3.5t10x12.5x1x
Thu, 02 Jan 2025HK$45.0tHK$42.6tHK$3.6t10x12.3x1.1x
Sat, 30 Nov 2024HK$43.0tHK$42.9tHK$3.7t9.9x11.7x1x
Mon, 28 Oct 2024HK$44.7tHK$43.4tHK$3.6t9.8x12.4x1x
Wed, 25 Sep 2024HK$41.3tHK$43.9tHK$3.6t9.2x11.4x0.9x
Fri, 23 Aug 2024HK$40.3tHK$43.3tHK$3.5t8.8x11.4x0.9x
Sun, 21 Jul 2024HK$40.3tHK$42.6tHK$3.5t9.4x11.6x0.9x
Tue, 18 Jun 2024HK$41.0tHK$43.2tHK$3.4t9.5x12x0.9x
Thu, 16 May 2024HK$42.5tHK$43.3tHK$3.4t9.8x12.4x1x
Sat, 13 Apr 2024HK$39.0tHK$43.3tHK$3.4t9.2x11.4x0.9x
Mon, 11 Mar 2024HK$38.2tHK$43.3tHK$3.4t8.8x11.2x0.9x
Wed, 07 Feb 2024HK$36.7tHK$44.0tHK$3.4t8.5x10.9x0.8x
Fri, 05 Jan 2024HK$37.9tHK$45.9tHK$3.5t9.2x10.9x0.8x
Sun, 03 Dec 2023HK$38.1tHK$45.9tHK$3.5t9x11x0.8x
Tue, 31 Oct 2023HK$38.2tHK$45.0tHK$3.4t9x11.1x0.8x
Thu, 28 Sep 2023HK$39.1tHK$44.9tHK$3.4t9.1x11.5x0.9x
Sat, 26 Aug 2023HK$39.6tHK$45.4tHK$3.6t9.4x11x0.9x
Mon, 24 Jul 2023HK$41.2tHK$45.9tHK$3.7t9.5x11.2x0.9x
Wed, 21 Jun 2023HK$42.3tHK$46.0tHK$3.7t9.7x11.5x0.9x
Fri, 19 May 2023HK$44.0tHK$46.8tHK$3.7t9.7x11.8x0.9x
Sun, 16 Apr 2023HK$44.8tHK$47.7tHK$3.8t9.9x11.7x0.9x
Price to Earnings Ratio

11.7x


Total Market Cap: HK$44.8tTotal Earnings: HK$3.8tTotal Revenue: HK$47.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Market Price to Earnings3Y Average 12.5x202420252026
Current Market PE
  • Investors are relatively neutral on the Hong Kong market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 12.5x.
Past Earnings Growth
  • The earnings for Hong Kong listed companies have grown 2.6% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.6% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits are increasing.

Sector Trends

Which sectors have driven the changes within the Hong Kong Market?

HK Market2.00%
Tech6.43%
Materials4.12%
Consumer Discretionary3.54%
Industrials3.17%
Consumer Staples2.88%
Telecom1.87%
Real Estate1.81%
Financials1.33%
Utilities0.87%
Healthcare-0.039%
Energy-0.31%
Sector PE
  • Investors favour the Real Estate sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 22.2% which is higher than its past year's earnings decline of 7.7% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 7.0x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 6.5% per year.
  • In contrast, the Utilities sector is expected to see its earnings grow by 4.8% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
700 Tencent HoldingsHK$508.002.3%
+HK$102.7b		15.1%PE17.7xTelecom
1288 Agricultural Bank of ChinaHK$5.722.5%
+HK$49.0b		34.6%PB0.6xFinancials
3690 MeituanHK$88.508.0%
+HK$40.4b		-39.5%PS1.3xConsumer Discretionary
6869 Yangtze Optical Fibre And Cable LimitedHK$224.8020.9%
+HK$32.0b		1,582.6%PE198xTech
2628 China Life InsuranceHK$26.264.2%
+HK$30.0b		100.8%PE4.2xFinancials
See more

Market Insights

Header cover image
What’s happening with Renewables & EVs?
Richard Bowman avatar
Richard Bowman
Part 1 of 3 in our “What’s happening with…” series, where we look back on the investment themes that were all the rage just a few years ago and see how they're doing now.
Continue reading
How to spot the winners in 2026's IPOs

Latest News

1398
HK$6.85
Industrial and Commercial Bank of China
7D
-0.4%
1Y
37.0%
1288
HK$5.72
Agricultural Bank of China
7D
2.5%
1Y
34.6%
883
HK$26.12
CNOOC
7D
-3.1%
1Y
63.9%
1088
HK$45.62
China Shenhua Energy
7D
-1.5%
1Y
47.6%

China Shenhua Energy's (HKG:1088) Shareholders Have More To Worry About Than Only Soft Earnings

Apr 06
China Shenhua Energy's (HKG:1088) Shareholders Have More To Worry About Than Only Soft Earnings
939
HK$8.51
China Construction Bank
7D
1.2%
1Y
38.8%

939: Governance Reshuffle And Lower Growth Assumptions Will Pressure Future Returns

Analysts have adjusted their price target for China Construction Bank to HK$7.67 from HK$7.54, reflecting updated assumptions on discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News A board meeting is scheduled for Mar 27, 2026 to review and approve China Construction Bank's annual results for the year ended Dec 31, 2025, and to consider dividend payments (Key Developments).
6869
HK$224.80
Yangtze Optical Fibre And Cable Limited
7D
20.9%
1Y
1,582.6%

We Think That There Are Issues Underlying Yangtze Optical Fibre And Cable Limited's (HKG:6869) Earnings

Apr 03
We Think That There Are Issues Underlying Yangtze Optical Fibre And Cable Limited's (HKG:6869) Earnings
981
HK$56.15
Semiconductor Manufacturing International
7D
6.2%
1Y
29.8%

981: Higher Discount Rate And Flat Near Term Revenue Will Keep Shares Overpriced

Analysts have slightly raised their price target for Semiconductor Manufacturing International to HK$25.31 from HK$25.04, citing updated assumptions for the discount rate, profit margin and future P/E as the key drivers of the change. What's in the News A board meeting is scheduled for Mar 26, 2026 to approve the publication of audited annual results for the year ended Dec 31, 2025 (company announcement).
941
HK$80.95
China Mobile
7D
1.4%
1Y
2.5%

China Mobile's (HKG:941) Profits May Not Reveal Underlying Issues

Apr 02
China Mobile's (HKG:941) Profits May Not Reveal Underlying Issues
1530
HK$23.76
3SBio
7D
-6.2%
1Y
110.6%
2513
HK$868.50
Knowledge Atlas Technology
7D
-5.1%
1Y
n/a
3690
HK$88.50
Meituan
7D
8.0%
1Y
-39.5%
1177
HK$6.04
Sino Biopharmaceutical
7D
-5.0%
1Y
77.6%
2628
HK$26.26
China Life Insurance
7D
4.2%
1Y
100.8%
2656
HK$67.60
160 Health International
7D
-32.4%
1Y
n/a
700
HK$508.00
Tencent Holdings
7D
2.3%
1Y
15.1%

700: Core Platforms Will Sustain Earnings Power Despite AI Chip Supply Risks

Analysts have trimmed their Tencent Holdings fair value estimate from HK$759.60 to HK$714.25, citing softer expected revenue growth, slightly lower profit margins and potential AI chip supply constraints linked to U.S. and China trade tensions. Analyst Commentary Recent commentary around Tencent highlights a more cautious tone, with the shift to a Hold stance framed around softer expected growth and external constraints that could affect both near term execution and longer term AI plans.
100
HK$999.00
MiniMax Group
7D
-5.8%
1Y
n/a

Colleague Level AI Agents And Multimodal Content Will Support A Fair Long Term Outlook

Catalysts About MiniMax Group MiniMax Group develops large scale AI models and agent products across language, video, speech and music for global enterprises, developers and consumers. What are the underlying business or industry changes driving this perspective?