Market Fervor Returns As Hong Kong Sees Thousand‑Dollar Stocks Reemerge

On April 14, Zhizhipu（02513）again surpassed the HK$1,000 threshold intraday, reaching a peak of HK$1,010 after having first cleared the mark in the prior trading session. Earlier in March, MINIMAX‑W（00100）also breached the HK$1,000 level, peaking at HK$1,330 and trading around the HK$1,000 area on April 14. The elevation of both Zhizhipu and MINIMAX into the “thousand‑dollar” category reflects strong investor appetite for high‑profile issuers and has expanded the cohort of premium‑priced Hong Kong equities.

By the close on April 14, 61 Hong Kong–listed companies were trading above HK$100, with 23 of those exceeding HK$200. Four issuers—MINIMAX, Zhizhipu, Contemporary Amperex Technology and Lao Pu Gold—were trading above HK$500. Classified by Hang Seng industry sectors, the information technology sector accounts for the largest share of these high‑price stocks, followed by consumer discretionary and healthcare companies, while traditional sectors such as real estate, construction and materials are less represented.

Market capitalization among these high‑price names is substantial: more than 30 of the 61 companies have market values above HK$100 billion, representing roughly half of the group, and over 20 exceed HK$200 billion. Forty‑six of the 61 stocks are eligible for Stock Connect, indicating that Stock Connect constituents form the bulk of Hong Kong’s high‑price segment.

Historically, relatively few Hong Kong stocks have traded above HK$1,000. Past examples include New Oriental, Zai Lab, Lao Pu Gold and Bilibili, though none of these currently trade above that level. The reasons for their subsequent declines vary. New Oriental listed in November 2020 at HK$1,190 and reached a record HK$1,588 in February 2021, but a 10‑for‑1 share split in 2021 reduced the per‑share price into the HK$100 range and the stock later fell further before recovering to HK$44.78. Zai Lab peaked at HK$1,512 in January 2021 but underwent a 10‑for‑1 split in March 2022 and has since declined to HK$16.92 as of April 14. Lao Pu Gold listed at HK$40.50 in June 2024 and, driven by rapid earnings growth, rose above HK$1,000 by June 2025 and set an intraday record in July 2025; its price has since adjusted to HK$630. Bilibili listed at HK$808 in March 2021, briefly exceeded HK$1,000, and now trades at HK$189.50.

These episodes illustrate that some former thousand‑dollar stocks fell following share‑splits while others retreated with changing fundamentals or market conditions. The recent ascent of Zhizhipu and MINIMAX into the thousand‑dollar tier signals strong market momentum but also implies elevated volatility. Whether these stocks can sustain levels above HK$1,000 will depend on the continued delivery of underlying business performance.