ET Net News Agency reported on the 6th that Morgan Stanley released a report expressing optimism about SpaceX's prospects, stating its valuation remains relatively cheap. The news drove AI and technology sectors overnight to rise despite the shadow of the U.S. bond market, with the Nasdaq index hitting a new intraday high. Hong Kong stocks followed the trend, speculating on various popular tech sectors. The Hang Seng Index rose over 300 points at one point, but retreated before touching any major resistance moving averages. It closed the morning session at 24,228, up 188 points or 0.8%. The Hang Seng China Enterprises Index stood at 8,118, up 66 points or 0.8%. The Hang Seng Tech Index was at 4,220, up 36 points or 0.9%.
Stock Connect remained suspended, with funds continuing to pick individual stocks rather than the broader market. Morning session turnover on the main board was only HK$54 billion, similar to the same period on the previous day (5th).
U.S. tech stocks performed well overnight. NVIDIA (US.NVDA) rose 2.1%, reaching a new high; SpaceX (US.SPCX) CEO Elon Musk announced that his AI business will be renamed 'SpaceXAI'. Morgan Stanley's positive call drove the stock to surge 7.6% overnight. Hong Kong tech stocks followed suit: Alibaba (09988) rose 2.75% to HK$108.30, contributing 54 points to the market's gain; Baidu (09888) rose 3.6% to HK$86.40; Tencent (00700) rose 1.13% to HK$427.80; Xiaomi (01810) rose 1.84% to HK$24.32.
Reports suggest Kuaishou (01024) may spin off its AI unit, Kling AI, for a Hong Kong IPO as early as next year, with fundraising potentially exceeding US$1 billion. Kuaishou's stock rose 2.85% to HK$30.34.
Zhipu (02513) rose 8.05% to HK$718.50 after reports that its GLM-5.3 large model has been integrated into Amazon Web Services, seeking overseas revenue. Peer MiniMax (00100) rose 2.87% to HK$251.20. On the news front, reports indicate Moonshot AI is considering a Hong Kong IPO in early 2027, with a latest valuation of around US$50 billion.
AI hardware stocks pulled back: Lenovo Group (00992) fell 1.56% to HK$35.36; Hua Hong (01347) dropped 2.27% to HK$107.50; Kingboard Laminate (01888) declined 1.9% to HK$54.25.
Biotech stocks also gained: WuXi Biologics (02269) rose 4.24% to HK$57.75; China Biologic Products (01177) rose 4.05% to HK$5.775; WuXi AppTec (02359) rose 2.35% to HK$217.40; among non-blue chips, Zai Lab (09688) surged 8.34% to HK$20.66; Ascentage Pharma (06855) rose 8.06% to HK$30.30; GenScript (01548) gained 6.88% to HK$48.78; XtalPi (02228) rose 4.4% to HK$8.185.
J&T Express (01519) rose 4.45% to HK$8.925, leading the blue chips.
Citi expressed pessimism over National Day holiday consumption, causing domestic demand stocks to weaken: Anta Sports (02020) fell 2.53% to HK$71.40; Nongfu Spring (09633) dropped 1.9% to HK$39.22; Mengniu Dairy (02319) declined 0.69% to HK$17.25; Midea Group (00300) softened 0.22% to HK$90.45, marking seven consecutive days of decline with a cumulative drop of 6.41%.
The top three most actively traded stocks in the Hang Seng Index and China Enterprises Index were Tencent, Alibaba, and Xiaomi. The top three in the Tech Index were Tencent, Alibaba, and Zhipu. (ey)
Stock Connect remained suspended, with funds continuing to pick individual stocks rather than the broader market. Morning session turnover on the main board was only HK$54 billion, similar to the same period on the previous day (5th).
U.S. tech stocks performed well overnight. NVIDIA (US.NVDA) rose 2.1%, reaching a new high; SpaceX (US.SPCX) CEO Elon Musk announced that his AI business will be renamed 'SpaceXAI'. Morgan Stanley's positive call drove the stock to surge 7.6% overnight. Hong Kong tech stocks followed suit: Alibaba (09988) rose 2.75% to HK$108.30, contributing 54 points to the market's gain; Baidu (09888) rose 3.6% to HK$86.40; Tencent (00700) rose 1.13% to HK$427.80; Xiaomi (01810) rose 1.84% to HK$24.32.
Reports suggest Kuaishou (01024) may spin off its AI unit, Kling AI, for a Hong Kong IPO as early as next year, with fundraising potentially exceeding US$1 billion. Kuaishou's stock rose 2.85% to HK$30.34.
Zhipu (02513) rose 8.05% to HK$718.50 after reports that its GLM-5.3 large model has been integrated into Amazon Web Services, seeking overseas revenue. Peer MiniMax (00100) rose 2.87% to HK$251.20. On the news front, reports indicate Moonshot AI is considering a Hong Kong IPO in early 2027, with a latest valuation of around US$50 billion.
AI hardware stocks pulled back: Lenovo Group (00992) fell 1.56% to HK$35.36; Hua Hong (01347) dropped 2.27% to HK$107.50; Kingboard Laminate (01888) declined 1.9% to HK$54.25.
Biotech stocks also gained: WuXi Biologics (02269) rose 4.24% to HK$57.75; China Biologic Products (01177) rose 4.05% to HK$5.775; WuXi AppTec (02359) rose 2.35% to HK$217.40; among non-blue chips, Zai Lab (09688) surged 8.34% to HK$20.66; Ascentage Pharma (06855) rose 8.06% to HK$30.30; GenScript (01548) gained 6.88% to HK$48.78; XtalPi (02228) rose 4.4% to HK$8.185.
J&T Express (01519) rose 4.45% to HK$8.925, leading the blue chips.
Citi expressed pessimism over National Day holiday consumption, causing domestic demand stocks to weaken: Anta Sports (02020) fell 2.53% to HK$71.40; Nongfu Spring (09633) dropped 1.9% to HK$39.22; Mengniu Dairy (02319) declined 0.69% to HK$17.25; Midea Group (00300) softened 0.22% to HK$90.45, marking seven consecutive days of decline with a cumulative drop of 6.41%.
The top three most actively traded stocks in the Hang Seng Index and China Enterprises Index were Tencent, Alibaba, and Xiaomi. The top three in the Tech Index were Tencent, Alibaba, and Zhipu. (ey)
