Driver Analysis of 9F Holdings (09636.HK) as a Popular Hong Kong Stock

9F Holdings (09636.HK) is a fintech/online investment services company [1]. On December 25, 2025, the company made it to the Popularity Ranking of the Hong Kong Stock Market on the East Money App [0], becoming a popular stock. The Hong Kong stock market was closed for Christmas on that day [1], so real-time trading prices and volume data could not be obtained.

The core catalyst for the stock becoming popular was the first coverage research report released by CMB International on December 24, 2025 [2][3]. The report gave the company a “Buy” rating and set a target price of HK$65. CMB International pointed out that 9F Holdings has a large-scale multi-channel broadcast network matrix and is seizing the wave of retail investors entering the A-share market; at the same time, the company has shifted from a “platform-driven” to a “content-driven” traffic acquisition model to enhance user engagement. The report predicts that the company’s total revenue will grow at an annual CAGR of 18% from 2025 to 2027, and the target price is based on a forward P/E ratio of 29x, implying P/E ratios of 25x and 22x for 2025 and 2026 respectively [2].

1. Model transition enhances long-term growth potential: The company’s shift from a platform-driven to a content-driven traffic model is expected to increase user stickiness and lay the foundation for long-term growth [2].
2. Report release timing triggers expectations: The report was released the day before the market closed, and investors are looking forward to the price reaction after the market reopens, pushing the company into the popularity ranking.
3. Target price implies significant upside potential: The HK$65 target price set by CMB International has become an important resistance level for investors to watch.

• Market closure constraints
  : The market was closed on the day of the event, so real price reactions and volume changes cannot be reflected [1].
• Regulatory risks
  : As a Chinese fintech company, it may be affected by changes in relevant regulatory policies [1].
• Growth uncertainty
  : The 18% annual CAGR is a forecast based on the current business model and market environment, and actual growth may be affected by various factors [2].

• Post-reopening price potential
  : If investor sentiment remains positive, the company’s stock price may rise after the market reopens.
• Retail market growth dividend
  : The company is expected to benefit from the growth in the number of retail investors in the A-share market [2].

• 9F Holdings (09636.HK) became a popular Hong Kong stock on December 25, 2025, due to CMB International’s Buy rating and HK$65 target price [0][2].
• The Hong Kong stock market was closed on that day, so there was no real-time trading data [1].
• The company’s content-driven transition and revenue growth expectations are the core reasons for institutional optimism [2].
• Investors need to pay attention to regulatory risks, growth uncertainties, and price trends after the market reopens.