[ET Net News Agency, 01 April 2026] Good news arrived on the final trading day of March
for US stocks. Iranian President Masoud Pezeshkian expressed a willingness to end the war
provided there are no attacks, triggering a collective explosion across global stock
markets. Hong Kong stocks followed suit in a "revenge" rally; the Dow Jones Industrial
Average surged over 1,000 points, Korean stocks soared 7%, and Japanese and Taiwan stocks
both rose 4.4%. Hong Kong stocks relatively underperformed in comparison. The HSI opened
with a gap of over 500 points, breaking through the 10-day line (approx. 25,018) and the
250-day line (approx. 25,135) in one go. However, it lacked follow-through momentum and
met resistance before the 20-day line (approx. 25,372). It closed the morning session at
25,276, up 488 points or 2%, with main board turnover exceeding HKD 144.5 billion. The
Hang Seng China Enterprises Index stood at 8,503, up 129 points or 1.5%. The Hang Seng
TECH Index stood at 4,723, up 73 points or 1.6%.

"Wan Kong Shing: HSI continues to trade sideways with upper resistance at 27,300"

Wan Kong Shing, the Chief Investment Officer of iFAST Global Markets, told ET Net News
Agency that the HSI's rebound from low levels was stimulated by signs of cooling tensions
in the Middle East, noting that the views of the US and Iran on a ceasefire seem mutually
aligned. The HSI reached a morning high of 25,934 points today. Wan pointed out that the
HSI has generally fluctuated between the 25,300 and 27,300 range recently, and further
upside will face significant resistance. Additionally, with the Easter and Ching Ming
Festival long holidays approaching, investor appetite may be affected by the market
closures.
Mainland China's official manufacturing PMI for March was 50.4, returning to expansion
territory. Wan stated that the positive PMI data is expected to provide upward momentum
for the HSI. Meanwhile, southbound capital recorded a net outflow of over HKD 3.5 billion
this morning. Wan remarked that the current HSI trend is already decent, and if there are
large-scale southbound inflows in the future, it would be even more beneficial for the
index.

"Knowledge Atlas's loss widens but remains a market favourite"

Knowledge Atlas (02513) announced its annual results yesterday, showing a 1.3-fold
increase in revenue to RMB 734 million, though the annual loss widened to RMB 4.698
billion. Gross profit was RMB 297 million, up 68.7% year-on-year, while the adjusted net
loss for the year widened to RMB 3.182 billion. Knowledge Atlas recorded a jump of up to
35% this morning, hitting a record high of HKD 938.
Wan stated that Knowledge Atlas recorded significant growth in both annual revenue and
gross margin, with the only flaw being the widening loss. However, he believes the market
prioritises future growth potential over current losses. The market already has a certain
preference for Knowledge Atlas, and the post-results share price performance reflects
general satisfaction with its earnings. For the short term, Wan suggests accumulating at
the low level of around HKD 730; for those already holding the stock, it can be treated as
a medium to long-term holding with an upside target of HKD 1,000.

"UBTECH performance meets market expectations"

UBTECH (09880) also announced its annual results yesterday, with losses narrowing to RMB
700 million and revenue rising 53% to approximately RMB 2 billion. Notably, revenue from
its full-sized embodied AI humanoid robot products and solutions grew approximately 22
times to RMB 820 million. Wan believes UBTECH's results are "acceptable" and in line with
market expectations. While the share price has seen a certain rebound in the short term,
he does not expect it to return to levels seen at the start of the year anytime soon,
predicting the price will stabilise at the bottom of its horizontal range around HKD 105.