{Econet Wire Services, 22nd} - Although Wall Street's three major indices rose overnight, Hong Kong's tech and internet sectors continued to be sold off, with Alibaba (09988) plunging 5% and contributing over a hundred points to the decline. The Hang Seng Index's morning losses widened to over 650 points, breaking below 23,000 for the first time since July and hitting a low of 22,952—the lowest level in nearly four months since June 30. It closed the morning session at 22,971, down 679 points or 2.9%. The Hang Seng China Enterprises Index stood at 7,695, down 248 points or 3.1%. The Hang Seng Tech Index was at 3,809, down 185 points or 4.6%. Panic sentiment drove主板 turnover to nearly HK$127.5 billion, while northbound funds saw a net outflow of HK$3.1 billion in the morning session.
Tech and internet stocks declined: Alibaba (09988) fell 5.4% to HK$98.10, breaking below the HK$100 threshold; JD.com (09618) dropped 4.67% to HK$97.90, also falling below HK$100; Tencent (00700) declined 3.35% to HK$380.60; Meituan (03690) fell 4.22% to HK$71.55; Xiaomi (01810) was down 3.88% at HK$25.76.
Mainland China's 20% tax on personal offshore trust income had today as the deadline for declaration and payment. NetEase (09999) plunged 6.84% to HK$181.20, hitting a new low, after its founder, Ding Lei, was highlighted by Bloomberg as facing potential tax payment risks. Pop Mart (09992) also fell 3% to HK$125.90. Meanwhile, Bruder's (00325) major shareholder sharply reduced holdings this morning, dragging the stock down 20.95% in the morning session to HK$54.90.
AI hardware stocks collectively plunged: Hua Hong (01347) fell 7.48% to HK$68.00; SMIC (00981) dropped 4.84% to HK$47.54; Lenovo Group (00992) plunged 8.77% to HK$23.72. Among non-blue-chips: Kingboard Laminate (01888) fell 7.39% to HK$37.62; Yangtze Optical Fibre & Cable (06869) dropped 10.28% to HK$112.60; Biren Technology (06082) declined 8.97% to HK$22.94; Zhongji Xuchuang (03308) fell 8.77% to HK$712.50.
CATL (03750) continued its post-earnings selloff, falling another 5.81% to HK$343.60 this morning, marking seven consecutive days of decline with a cumulative drop of 30.56%.
Midea Group (00300) rose 0.11% to HK$93.20, making it the best-performing blue-chip stock for the morning session.
The top three turnover stocks for the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Alibaba, and SMIC respectively. (ey)
Tech and internet stocks declined: Alibaba (09988) fell 5.4% to HK$98.10, breaking below the HK$100 threshold; JD.com (09618) dropped 4.67% to HK$97.90, also falling below HK$100; Tencent (00700) declined 3.35% to HK$380.60; Meituan (03690) fell 4.22% to HK$71.55; Xiaomi (01810) was down 3.88% at HK$25.76.
Mainland China's 20% tax on personal offshore trust income had today as the deadline for declaration and payment. NetEase (09999) plunged 6.84% to HK$181.20, hitting a new low, after its founder, Ding Lei, was highlighted by Bloomberg as facing potential tax payment risks. Pop Mart (09992) also fell 3% to HK$125.90. Meanwhile, Bruder's (00325) major shareholder sharply reduced holdings this morning, dragging the stock down 20.95% in the morning session to HK$54.90.
AI hardware stocks collectively plunged: Hua Hong (01347) fell 7.48% to HK$68.00; SMIC (00981) dropped 4.84% to HK$47.54; Lenovo Group (00992) plunged 8.77% to HK$23.72. Among non-blue-chips: Kingboard Laminate (01888) fell 7.39% to HK$37.62; Yangtze Optical Fibre & Cable (06869) dropped 10.28% to HK$112.60; Biren Technology (06082) declined 8.97% to HK$22.94; Zhongji Xuchuang (03308) fell 8.77% to HK$712.50.
CATL (03750) continued its post-earnings selloff, falling another 5.81% to HK$343.60 this morning, marking seven consecutive days of decline with a cumulative drop of 30.56%.
Midea Group (00300) rose 0.11% to HK$93.20, making it the best-performing blue-chip stock for the morning session.
The top three turnover stocks for the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Alibaba, and SMIC respectively. (ey)
