HK Stock Market Move | Automobile stocks generally fell, Xpeng-W (09868) plunged over 9%, and the differentiation of January car sales by enterprises is evident.

Car stocks generally fell. As of the time of writing, XPENG-W (09868) fell 9.14% to HK $65.1; Great Wall Motor (02333) fell 3.47% to HK $12.79; LI AUTO-W (02015) fell 3.26% to HK $63.8; Chongqing Sokon Industry Group Stock (09927) rose against the trend by 1.2% to HK $96.95. In terms of news, on February 1st, several car companies announced their sales figures for January 2026, with the majority achieving year-on-year growth in sales, but with significant differentiation. Xiaopeng Motors delivered 20,011 new cars in January, a decrease of 34.07% year-on-year and 46.65% month-on-month; IDEAL Motors delivered 27,668 new cars in January, an increase of 7.55% year-on-year and a decrease of 37.47% month-on-month; NIO delivered 27,200 cars in January, a 96.1% year-on-year increase; Chongqing Sokon Industry Group Stock had a total of 45,900 cars sold in January, a 104.85% year-on-year increase. The China Passenger Car Association analyzed that the Chinese New Year in 2026 fell later, making January the last complete sales month before the holiday. With more working days compared to the same period last year, as first-time buyers began to release their pent-up demand, the market is expected to achieve a slight year-on-year increase for the whole month. Currently, the national scrappage subsidy has been implemented, but the reduction of the purchase tax subsidy has caused some deferred demand. Provinces are still gradually implementing trade-in subsidies, leading to strong consumer wait-and-see sentiment and uncertainty in the terminal market.