{Economic Information Daily, 8th} The re-auction of US$39 billion 10-year Treasury bonds in the United States saw strong demand, with the bid-to-cover ratio rising to 2.77 times, the highest level in nearly 10 years. With ongoing risks in overseas bond markets, A-shares resumed trading today and Stock Connect reopened. Despite continuously expanding northbound inflows, Hong Kong stocks kept falling as more were bought. Key sectors including semiconductors, tech, internet, AI large models, and biotech collectively declined. Heavyweights such as HSBC (00005) also dropped sharply, dragging the Hang Seng Index below 24,000. The decline further widened in the afternoon, hitting a low of 23,541, the lowest in three months. The index closed at 23,785, down 344 points or 1.4%. The Hang Seng China Enterprises Index closed at 8,010, down 71 points or 0.9%. The Hang Seng Tech Index closed at 4,073, down 121 points or 2.9%. With Stock Connect resuming trading, main board turnover rebounded from below HK$100 billion to nearly HK$207.3 billion, but overall volume remained relatively low, with northbound funds net inflowing nearly HK$6.5 billion.
Ongoing fallout from potential UK windfall tax hikes and major layoffs in wealth management operations hit HSBC Holdings (00005), which plunged 4.87% for the day to HK$142.60, reaching its lowest level in nearly four months. Peer Standard Chartered (02888) dropped 5.22% to HK$218.00; among local banks, Bank of China Hong Kong (02388) fell 4.75% to HK$48.48, while BEA (00023) plunged 5.89% to HK$17.57.
Two AI hardware-related concept stocks simultaneously initiated new fundraising activities. Cambridge Industries (06166) launched a placement and issued convertible bonds, falling 3.06% for the day to HK$110.80. After only three months since its last placement, Biren Technology (06082) launched another placement, closing down 11.85% at HK$30.36, below its placement price. Other AI hardware stocks also declined. Hua Hong Semiconductor (01347) plunged 9.21%, leading declines among blue chips, closing at HK$95.60. Lenovo Group (00992) dropped 8.08% to HK$32.32. Yangtze Optical Fibre and Cable (06869) fell 6.73% to HK$167.60. SMIC (00981) declined 6.73% to HK$56.80. Kingboard Laminates (01888) fell 6.44% to HK$50.15.
Tech and internet stocks were under pressure. Kuaishou (01024) plunged 3.91% to HK$28.54. Baidu (09888) fell 3.07% to HK$82.15. Tencent (00700) dropped 2.19% to HK$411.40. Meituan (03690) declined 1.07% to HK$69.40. Alibaba (09988) fell 1.04% to HK$104.30. Large model concept stocks were sold off heavily. Zhipu (02513) plunged 7.61% to HK$643.00. MiniMax (00100) plunged 13.74% to HK$207.20.
Apple-related stocks were hit. Sunny Optical Technology (02382) fell 7.69% to HK$60.05. AAC Technologies (02018) dropped 6.34% to HK$37.24. BYD Electronics (00285) fell 6.74% to HK$22.14. FIH Mobile (02038) declined 3.8% to HK$13.91. On the news front, Microsoft (US.MSFT) unveiled its new Surface laptop featuring NVIDIA chips capable of supporting both general computing and AI computing, priced from US$2,599, about US$400 lower than Apple's 16-inch entry-level MacBook Pro.
Following the end of the National Day holiday, property blue chips were optimistic about holiday sales. China Overseas (00688) rose 3.75%, leading blue chip gains, closing at HK$13.55. China Resources Land (01109) gained 2.82% to HK$30.60. Longfor (00960) rose 0.38% to HK$5.29.
Houthi militants attacked two airports in Saudi Arabia, killing three people and injuring dozens. According to The Atlantic, the White House has asked the Pentagon to develop plans to strike Iran, possibly before the midterm elections. The 'Big Three' oil stocks rose: Sinopec (00386) gained 2.6% to HK$4.535, PetroChina (00857) rose 2.56% to HK$9.83, and CNOOC (00883) climbed 2.21% to HK$24.04.
The top three most actively traded stocks on the Hang Seng Index were Tencent, Alibaba, and HSBC; on the China Enterprises Index and Tech Index, the top three were Tencent, Alibaba, and SMIC. (ey)
Ongoing fallout from potential UK windfall tax hikes and major layoffs in wealth management operations hit HSBC Holdings (00005), which plunged 4.87% for the day to HK$142.60, reaching its lowest level in nearly four months. Peer Standard Chartered (02888) dropped 5.22% to HK$218.00; among local banks, Bank of China Hong Kong (02388) fell 4.75% to HK$48.48, while BEA (00023) plunged 5.89% to HK$17.57.
Two AI hardware-related concept stocks simultaneously initiated new fundraising activities. Cambridge Industries (06166) launched a placement and issued convertible bonds, falling 3.06% for the day to HK$110.80. After only three months since its last placement, Biren Technology (06082) launched another placement, closing down 11.85% at HK$30.36, below its placement price. Other AI hardware stocks also declined. Hua Hong Semiconductor (01347) plunged 9.21%, leading declines among blue chips, closing at HK$95.60. Lenovo Group (00992) dropped 8.08% to HK$32.32. Yangtze Optical Fibre and Cable (06869) fell 6.73% to HK$167.60. SMIC (00981) declined 6.73% to HK$56.80. Kingboard Laminates (01888) fell 6.44% to HK$50.15.
Tech and internet stocks were under pressure. Kuaishou (01024) plunged 3.91% to HK$28.54. Baidu (09888) fell 3.07% to HK$82.15. Tencent (00700) dropped 2.19% to HK$411.40. Meituan (03690) declined 1.07% to HK$69.40. Alibaba (09988) fell 1.04% to HK$104.30. Large model concept stocks were sold off heavily. Zhipu (02513) plunged 7.61% to HK$643.00. MiniMax (00100) plunged 13.74% to HK$207.20.
Apple-related stocks were hit. Sunny Optical Technology (02382) fell 7.69% to HK$60.05. AAC Technologies (02018) dropped 6.34% to HK$37.24. BYD Electronics (00285) fell 6.74% to HK$22.14. FIH Mobile (02038) declined 3.8% to HK$13.91. On the news front, Microsoft (US.MSFT) unveiled its new Surface laptop featuring NVIDIA chips capable of supporting both general computing and AI computing, priced from US$2,599, about US$400 lower than Apple's 16-inch entry-level MacBook Pro.
Following the end of the National Day holiday, property blue chips were optimistic about holiday sales. China Overseas (00688) rose 3.75%, leading blue chip gains, closing at HK$13.55. China Resources Land (01109) gained 2.82% to HK$30.60. Longfor (00960) rose 0.38% to HK$5.29.
Houthi militants attacked two airports in Saudi Arabia, killing three people and injuring dozens. According to The Atlantic, the White House has asked the Pentagon to develop plans to strike Iran, possibly before the midterm elections. The 'Big Three' oil stocks rose: Sinopec (00386) gained 2.6% to HK$4.535, PetroChina (00857) rose 2.56% to HK$9.83, and CNOOC (00883) climbed 2.21% to HK$24.04.
The top three most actively traded stocks on the Hang Seng Index were Tencent, Alibaba, and HSBC; on the China Enterprises Index and Tech Index, the top three were Tencent, Alibaba, and SMIC. (ey)
