Hong Kong Technology Exploration (01137): Market Dynamics Analysis Amid E-commerce Challenges and Strategic Responses

This analysis is based on information from Tushare dc_hot (East Money App Hot List), focusing on the business performance and strategic dynamics of Hong Kong Technology Exploration (01137.HK). The company’s adjusted EBITDA for 2024 reached HK$329.2 million [1], but the GMV of its core e-commerce platform HKTVmall has recorded year-on-year declines for eight consecutive months since March 2025 [0], mainly impacted by mainland online shopping platforms. The company plans to invest HK$250 million in 2025 for marketing to target increasing monthly active users to 2 million [0], while expanding into the mainland market with a plan to raise the proportion of mainland employees to 15% by the end of 2027 [0]. Wang Weiji increased his stake in the company’s holding company with HK$62.84 million [7], showing shareholder confidence.

Hong Kong Technology Exploration’s core business HKTVmall maintained stable performance in 2024 with an adjusted EBITDA of HK$329.2 million [1]. However, it faces significant challenges in 2025: the e-commerce GMV of HKTVmall has declined consecutively [0], reflecting the impact of intensified competition from mainland e-commerce platforms [6]. The company has adopted multiple strategic responses: planning to invest HK$250 million to increase monthly active users from 1.6 million to 2 million [0], while expanding into the mainland market (currently 5% of employees are from the mainland, targeting 15% by the end of 2027 [0]). The share increase action by shareholder Wang Weiji [7] and the overall strong performance of Hang Seng Tech stocks (Hang Seng Index up 22.5% year-to-date [0]) bring positive signals to the company.

1. Market Differentiation
   : The company’s specific challenges contrast with the overall growth of Hong Kong tech stocks. The Hang Seng Index performed strongly in 2025 [3], but the GMV decline of HKTVmall highlights internal differentiation within the industry [0].
2. Strategic Shift
   : The company is shifting from local market competition to mainland market expansion, reflecting its layout for long-term growth [6].
3. Shareholder Confidence
   : Wang Weiji’s share increase action [7] and the company’s strategic investment show internal confidence in the business prospects.

• Short-term pressure from continued GMV decline of HKTVmall [0]
• Intensified competition from mainland e-commerce platforms [6]

• Market valuation improvement brought by the overall rise of Hong Kong tech stocks [3]
• Long-term potential from strategic investment to increase user base [0]
• Growth space from mainland market expansion [6]

Hong Kong Technology Exploration (01137) faces short-term challenges in its e-commerce business but seeks growth through strategic investment and market expansion. Its 2024 performance was stable [1], with a plan to invest HK$250 million in 2025 to increase user base [0], while Hang Seng Tech stocks show overall strong performance [3]. Shareholder share increases and mainland market layout provide long-term support for the company, but continuous attention should be paid to the sustained impact of GMV decline and competitive pressure.