Hong Kong Technology Exploration (01137.HK) Hot Stock Analysis

Hong Kong Technology Exploration (01137.HK) is the parent company of online retailer HKTVmall [0]. On December 24, 2025 (Christmas Eve), it closed at HK$1.41 in the half-day trading session with a market capitalization of HK$1.116 billion [0]. Its core catalysts for becoming a hot stock include: 1) Management optimization: The company announced on December 19 the appointment of Yang Zhuguang, former CEO of Hong Kong Broadband Network, as an independent non-executive director (effective January 1, 2026), which the market interpreted as a positive signal to strengthen corporate governance [1]; 2) Overall activity in the tech sector: HKEX launched the HKEX Tech 100 Index on December 9, tracking the 100 largest tech companies listed in Hong Kong; as an online retail tech enterprise, Hong Kong Technology Exploration benefited from sector momentum [2]; 3) AI theme traction: During the Christmas Eve trading session, the themes of China’s AI and tech self-reliance continued to gain traction, driving tech stocks generally higher [3]. The stock price rose 0.71% that day, with a trading volume of 260,800 shares, and its 52-week high/low was HK$1.98/HK$0.80 [0].

1. The management change has brought expectations of governance optimization, but it has not yet translated into specific operational improvement measures; its long-term impact needs to be observed in conjunction with subsequent strategic adjustments [1];
2. The company’s hot stock status is more due to the overall performance of the tech sector rather than its own short-term performance improvement; GMV in November fell 7.4% year-on-year and 7.6% month-on-month, indicating pressure on business growth [4];
3. The Hong Kong market was closed on Christmas Day; this popularity is a lagging reaction to the pre-holiday half-day trading and lacks support from same-day trading data, so its sustainability is questionable.

1. Fundamental pressure: In November 2025, GMV of the e-commerce business declined both year-on-year and month-on-month, reflecting intensified market competition or the need to optimize operational strategies [4];
2. Overseas business setbacks: Some branches of the UK unmanned store business In:Five have been suspended, hindering the overseas expansion plan [5];
3. Short-term volatility: Popularity is driven by sector sentiment; if the AI theme cools down or the tech sector corrects, the stock price may fluctuate.

1. Tech sector dividend: The launch of the HKEX Tech 100 Index may bring more capital attention to tech stocks [2];
2. New management experience: Yang Zhuguang once served as CEO of Hong Kong Broadband Network, and his management experience may bring new perspectives to the company’s operations [1].

Hong Kong Technology Exploration (01137.HK) became a hot stock in Hong Kong due to multiple catalytic factors, but it faces challenges in fundamentals and overseas business. Investors need to make comprehensive judgments based on the company’s subsequent business data, new management strategies, and the overall trend of the tech sector, and pay attention to short-term volatility risks.