01137.HK (Hong Kong Technology Exploration) 2025 Performance Analysis: Stability Coexists with Sector Gap

This analysis is based on market dynamics of Hong Kong Technology Exploration (01137.HK) published on the East Money App Hot List (Tushare dc_hot).

Hong Kong Technology Exploration (01137.HK) showed both stability and growth potential in 2025, but its stock price performance was significantly weaker than the overall Hong Kong tech sector. The company’s current market capitalization is approximately HKD 1.14 billion (November 2025), a slight decrease of 0.66% compared to 2024 [1], indicating relatively stable fundamentals. Operationally, the company continues to promote AI-driven expansion and live-streaming e-commerce business development, recruiting e-commerce talents through open day events [2]. However, the stock price performance is weak: the current stock price is about HKD 1.45, down 3.97% year-to-date [0], failing to benefit from the 2025 rally of the Hong Kong tech sector driven by AI implementation and growing demand for consumer electronics [6,7].

1. Transformation Effectiveness and Market Cap Comparison
   : The company successfully transformed from a traditional TV business to an e-commerce platform, once surpassing TVB in market capitalization [3], but its market cap growth stalled in 2025, failing to sustain the earlier transformation dividends.
2. Business Differentiation Characteristics
   : Although AI technology application and live-streaming e-commerce are core growth drivers, the first-half GMV decreased by 1.2% year-on-year [0], with only a 3.37% month-on-month growth from June to July, indicating a slow recovery pace.
3. Sector Disconnect Phenomenon
   : The Hong Kong tech sector performed strongly in 2025, with Hang Seng Tech Index components like Tencent and NetEase delivering outstanding results [6], and the sector receiving significant capital inflows [7]. However, 01137.HK failed to follow the sector’s rise, indicating structural differences between the company’s fundamentals and sector trends.

• Stock Price Lag Risk
  : Current stock price performance continues to lag behind the market; if the company fails to effectively seize AI or e-commerce growth opportunities, the gap with the sector may further widen [0].
• Business Growth Pressure
  : Year-on-year GMV decline and order total fluctuations reflect intense competitive pressure on the e-commerce business [5].

• AI-Driven Expansion
  : The company’s AI technology application and live-streaming e-commerce layout are expected to become core growth engines in the future [2].
• Sector Catch-Up Opportunity
  : If the Hong Kong tech sector continues to strengthen, the company may have room for a catch-up rally [6].

• Market Cap Status
  : HKD 1.14 billion (November 2025), down 0.66% year-on-year [1]
• Stock Price Performance
  : HKD 1.45, down 3.97% year-to-date [0]
• Business Data
  : October order transaction volume: HKD 688 million (driven by Thanksgiving promotion) [5]; first-half GMV down 1.2% year-on-year [0]
• Sector Comparison
  : Hong Kong tech sector performed strongly in 2025 with significant capital inflows [6,7]