Hong Kong stocks closed lower across the board on September 24, with the Hang Seng Index falling 0.29%, the Hang Seng China Enterprises Index slipping 0.09%, and the Hang Seng Tech Index dropping 0.41%.

Total market turnover for the day reached HK$159.6 billion, while southbound capital recorded a net inflow of HK$2.9 billion.

Among large-cap tech names, performance was mixed: Tencent Holdings Ltd (HKEX: 0700) and JD.com Inc (HKEX: 9618) ended lower, while Xiaomi Corp (HKEX: 1810) bucked the trend with a gain. Oil stocks were active throughout the session, led by the "three barrels of oil," with PetroChina Co Ltd (HKEX: 0857) rising nearly 3%.

Tencent Declines as QClaw to Cease Operations

On September 24, Tencent Holdings Ltd (HKEX: 0700) closed down 0.59%.

On the news front, the Tencent QClaw team published an announcement on its official website stating that due to business development adjustments, QClaw will officially cease operations at 0:00 on December 24, 2026.

A Tencent representative told media that the shutdown is due to business development adjustments, and users can still use the service normally before it ceases operations.

At the same time, Tencent also provided a WorkBuddy migration tool.

CREALIGHTS Surges in Late Trading

CREALIGHTS (HKEX: 01191) rallied in late trading, closing up 9.43% at HK$168.2 per share, with turnover of HK$366 million.

On the news front, from September 9 to 11, at the 27th China International Optoelectronic Exposition, CREALIGHTS showcased its fully self-developed silicon photonics 1.6T optical modules and 6.4T NPO.

Hu Yong, Vice General Manager and Board Secretary of CREALIGHTS, previously stated that the company's order guidance is fully booked through 2027, with 1.6T optical modules beginning shipments in the second half of the year to overseas leading AI computing infrastructure customers, while R&D and customer validation for 3.2T and 6.4T NPO/CPO are underway.

In addition, on September 7, CREALIGHTS was included in the Stock Connect southbound trading program.

The latest data shows that on September 23, southbound capital increased its holdings of CREALIGHTS by 122,700 shares, with cumulative net buying of 635,500 shares over the past five trading days.

On September 24, some optical communication leaders strengthened. Joyson Electronics rose 3.69%, Comba Telecom Systems Holdings Ltd gained 14.55%, while Zhongji Innolight Co Ltd fell 1.34%.

AI Software Leader Rises Against the Market

SenseTime Group Inc (HKEX: 0020) rose 4.42% against the market trend, closing at HK$1.30 per share, with turnover of HK$612 million.

On the news front, JPMorgan released a research report initiating coverage of SenseTime Group Inc (HKEX: 0020) with an "Overweight" rating and a target price of HK$2 per share by the end of December 2027.

The bank noted that SenseTime Group Inc has transformed from a computer vision company into an AI platform covering infrastructure, models, and applications.

The bank forecasts that from 2026 to 2028, the company's revenue compound annual growth rate could reach 28%, and the company is expected to turn from loss to profit on an adjusted basis in the 2027 fiscal year.

Xiaomi Corp Gains 1.53%

On September 24, Xiaomi Corp (HKEX: 1810) rose 1.53%.

Citi released a research report maintaining a "Buy" rating on Xiaomi Corp (HKEX: 1810) with a target price of HK$34 per share.

Citi expects that shipment data in the coming months and third-quarter 2026 results will serve as catalysts for the stock price.

The report mentioned that Xiaomi Corp launched its latest flagship phones, the 18 Pro and 18 Pro Max series, on September 18, with starting prices of 5,999 yuan and 6,999 yuan respectively, priced below comparable competitors with a clear cost-performance advantage.

The report noted that the Xiaomi 18 Fold saw retail sales grow 300% year-on-year during its initial sales period, demonstrating strong momentum for its high-end foldable phone products in the market and reflecting consumer recognition of Xiaomi's brand premiumization.

Citi believes this new product launch further strengthens Xiaomi Corp's positioning in the high-end market and its cost-performance strategy.