On February 5, Hong Kong stocks opened high and low all day, and once rose in a straight line in the afternoon, and then the gains gradually narrowed, and finally closed down slightly. As of **, the Hang Seng Index fell 015% or 2355 points, at 15510At 01 o'clock, the full-day turnover was 947HK$1.3 billion; The Hang Seng China Enterprises Index fell 003% to 521736 points; The Hang Seng Tech Index fell 017% at 303884 points. 
On the market, large technology stocks rose and fell, with Meituan rising 285%, NetEase up 1%, down 1%, Alibaba**. Most auto stocks fell, Xiaopeng fell more than 2%, Great Wall fell more than 1%, and Weilai, Leap, BYD, Geely, and Ideal followed. Domestic real estate stocks and property management stocks generally fell, Longfor Group fell more than 4%, Xincheng Development fell 3%, and Vanke fell more than 2%. On the other hand, education stocks were strong throughout the day, New Oriental rose more than 9% intraday to refresh the new high in the stage, and Oriental Selection rose more than 2% against the trend; Most of the top stocks in China **, China Power, China Telecom, China Traditional Chinese Medicine, China Tower, and China Construction International rose together; CRO sector**, led by WuXi AppTec, WuXi AppTec rose 4%, and WuXi Biologics rose more than 3%. 
Hong Kong Securities and Futures Commission: Work closely with the Hong Kong Stock Exchange to narrow the bid-ask spread and actively expand the Stock Connect mechanismOn February 5, Leung Fung-yee, chief executive officer of the Hong Kong ** and ** Commission for Affairs (SFC), said at a meeting of the Panel on Financial Affairs of the Legislative Council of the Hong Kong Special Administrative Region that a number of measures proposed by the Task Force on Promoting ** Market Liquidity were being studied. When asked whether she would consider reducing the stamp duty on ** transactions again, Leung Fung-yee responded that this is determined by the Hong Kong SAR**, and stressed that ** trading is affected by many factors, and the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange are closely studying narrowing the bid-ask spread, actively expanding the Stock Connect mechanism to introduce more funds from Chinese mainland, the Middle East, Southeast Asia and other regions, and will study increasing the variety of investment products to increase market liquidity. In addition, the Hong Kong Securities and Futures Commission (SFC) today announced that the transitional arrangements for the regulatory regime for virtual asset trading platforms will expire at the end of this month, and the Hong Kong Securities and Futures Commission urges investors to check the regulatory status of virtual asset trading platforms. According to the announcement, investors should check whether the virtual asset trading platform is on the "List of Licensed Virtual Asset Trading Platforms" and the "List of Applicants for Virtual Asset Trading Platforms". The virtual asset trading platform on the List of Licensed Virtual Asset Trading Platforms has been officially licensed by the SFC. Virtual asset trading platforms on the "List of Applicants for Virtual Asset Trading Platforms", including those operating in Hong Kong and having submitted their licence applications to the SFC on or before 29 February 2024. The announcement also said that investors should check the regulatory status of virtual asset trading platforms from time to time and in any event on 1 March 2024, as under the transitional arrangements of the SFC's regulatory regime for virtual asset trading platforms, virtual asset trading platforms operating in Hong Kong that do not submit their licence applications to the SFC on or before 29 February 2024 will have to cease their operations in Hong Kong on or before 31 May 2024. If the virtual asset trading platform used by investors for trading is operated in Hong Kong and is not on the "List of Licensed Virtual Asset Trading Platforms" or the "List of Applicants for Virtual Asset Trading Platforms", they should make early preparations before 31 May 2024, such as closing their accounts on these virtual asset trading platforms or transferring to a virtual asset trading platform licensed by the Securities and Futures Commission of Hong Kong. The SFC once again reminds the public that applications submitted by applicants on the "List of Applicants for Virtual Asset Trading Platforms" are still being processed and it is unknown whether they will be approved, and therefore there are risks associated with trading on these platforms. Leung said that there are currently 14 virtual asset platforms in the process of applying for licenses, and the Hong Kong Securities and Futures Commission will go through a review process to check whether the platforms are deemed to be compliant, and if the platforms are deemed to be licensed, they can continue to operate. Chinese education stocks collectively strengthenedNew Oriental rose more than 9% intraday, refreshing a new high in the stageOn February 5, education stocks rose, New Oriental rose more than 6%, and once rose more than 9% intraday to refresh the stage high; Excellence Education rose by more than 7%, Hope Education rose by more than 3%, and China Xinhua Education, China Chunlai, and Scholar Education rose by more than 1%. 
On the news side, Daiwa ** issued a research report saying that the bank upgraded its view on mainland education stocks, from "neutral" to "positive", and reaffirmed the "**" rating of New Oriental-S Hong Kong stocks and U.S. stocks. Daiwa said investors seem to prefer a post-regulatory recovery in the sector and an improved growth outlook for the sector. Daiwa also pointed out that this year's earnings surprises driven by rapid capacity expansion and operating leverage will be the main catalyst for the sector's stock price. The bank also believes that the above-mentioned companies will return to growth mode this year. Goldman Sachs issued a report pointing out that New Oriental terminated its subscription of Oriental Selection shares under special authorization. At the same time, Yu Minhong, CEO of New Oriental and New Oriental and Oriental Selection, promised to increase his holdings by 6 to 6 in the next 6 to 12 monthsHK$600 million and HK$40 million of Oriental Selection shares, involving a total of HK$700 million, show confidence in the prospects of Oriental Selection. The bank believes that the transaction will allow New Oriental to further consolidate its majority stake in Oriental Selection. The bank believes that with the support of the New Oriental brand, Oriental Selection has become a leading brand and live streaming e-commerce platform. The bank has a constructive view on Oriental Selection, believing that the company has the potential for multi-platform expansion through brand awareness and content-driven sales. Diversification of private label stock-keeping units (SKUs) is conducive to driving gross merchandise value (GMV); Consistently outperform the profitability of its peers. The bank has a "neutral" rating on Oriental Selection with a target price of HK$25. In terms of New Oriental, Goldman Sachs pointed out that the company is an education brand with a history of 30 years, with resilient growth and continuous growth in the mainland education industry. Its full range of education services and effective and profitable investments outside of education (e.g. education) balance the company's revenues. After the completion of the business adjustment in FY2023, the company is still in the early stages of multi-year scale expansion, and has a **** rating of 25% CAGR in revenue and 43% CAGR in EPS from FY2023 to FY2026. Editor: Xiaomo Review: Muyu