Hong Kong stocks experienced a weak and volatile trend in the afternoon trading session. As of the time of writing, the Hang Seng Index $Hang Seng Index HSI.HK$ rose by 0.03%, while the Hang Seng Tech Index saw a 0.84% increase.

Xiaomi Group ( $XIAOMI-W 01810.HK$ ) saw its stock price surge over 3%, reclaiming the HK$20 mark, with a total market capitalization of HK$500.4 billion. Morgan Stanley reported that as of April 24, confirmed new orders for Xiaomi have surpassed 75,723 units, higher than the 70,000 units recorded on April 20. Despite the long waiting times for delivery, new order momentum is strong. Following a visit to Xiaomi's electric vehicle factory in Beijing, Morgan Stanley commented on the high degree of automation, possessing advanced production equipment and operations systems at the facility—key factors supporting the superior quality and rapid production capacity increases for the Mi SUV 7. Morgan Stanley maintained its "Overweight" rating for Xiaomi Group-W with a target price of HK$20.

Tencent Holdings ( $TENCENT 00700.HK$ ) rose as much as 1.75% in early trading to HK$384.8, reaching a new high since April 2023. The stock has accumulated a gain of about 30% year-to-date. The company is set to release its earnings report today. According to Bloomberg consensus data, the market expects Tencent's first-quarter revenue to increase by 5.9% year-over-year to RMB 158.778 billion, with an adjusted profit of RMB 42.9 billion, up 31.8%.

Miniso Group ( $MNSO 09896.HK$ ) announced in a filing with the Hong Kong Stock Exchange that its first-quarter revenue reached RMB 3.724 billion, up 26% year-over-year, while the adjusted net profit grew 27.7% to RMB 617 million.

Dingdang Health ( $DINGDANG HEALTH 09886.HK$ ) soared over 60%. The company is a Chinese provider of digital healthcare home services, offering a complete range of instant drug retail and medical consultation services to customers. Its performance released at the end of March showed that the total revenue in 2023 increased by 12.2% year-over-year to RMB 4.8568 billion. There have been no disclosed catalysts to explain the sharp rise in share price.

Tencent Music Entertainment ( $TME-SW 01698.HK$ ) jumped more than 8%. The company announced its unaudited first-quarter financial results for 2024, indicating that its online music paying user base grew by 20.2% year-over-year to 113.5 million, with a net quarter-over-quarter addition of 6.8 million—the largest single-quarter net increase on record.