---
title: "Hong Kong stocks closed (07.31) | The Hang Seng Index fell 1.6%, dropping below 25,000. AI concept stocks rose against the trend, with KUAISHOU-W leading the blue chips"
description: "Hong Kong stocks continued to fluctuate weakly today, with the Hang Seng Index closing down 1.6% at 24,773.33 points, falling below the 25,000 mark. The total turnover for the day was HKD 32.0633 bill"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/250948797.md"
published_at: "2025-07-31T08:51:04.000Z"
---

# Hong Kong stocks closed (07.31) | The Hang Seng Index fell 1.6%, dropping below 25,000. AI concept stocks rose against the trend, with KUAISHOU-W leading the blue chips

> Hong Kong stocks continued to fluctuate weakly today, with the Hang Seng Index closing down 1.6% at 24,773.33 points, falling below the 25,000 mark. The total turnover for the day was HKD 32.0633 billion. Although the Hang Seng Tech Index briefly turned positive, it fell again in the afternoon. KUAISHOU-W led the blue-chip stocks, rising 6.35% to HKD 77. Zhongtai International pointed out that the market is experiencing accumulated overbought sentiment, but with ample capital flow, Hong Kong stocks may exchange time for space. Everbright Securities believes that Hong Kong stocks have high long-term cost-effectiveness for allocation

According to Zhitong Finance APP, Hong Kong stocks continued to show a weak and volatile trend today, with the Hang Seng Index falling over 1% and losing the 25,000-point mark. The Hang Seng Tech Index briefly rose into the green during the day but turned to decline again in the afternoon. By the close, the Hang Seng Index fell 1.6% or 403.6 points, closing at 24,773.33 points, with a total turnover of HKD 32.0633 billion; the Hang Seng China Enterprises Index fell 1.72%, closing at 8,882.95 points; the Hang Seng Tech Index fell 0.69%, closing at 5,453.14 points. For the entire month, the Hang Seng Index rose a cumulative 2.91%, the China Enterprises Index rose a cumulative 2.36%, and the Hang Seng Tech Index rose a cumulative 2.83%.

Zhongtai International pointed out that from a technical indicator perspective, short-term market overbought sentiment has accumulated. However, capital flow in Hong Kong stocks remains abundant, with continued net inflows from the Stock Connect, coupled with proactive internal policies, and external trade disturbances being controllable in the short term. Hong Kong stocks may exchange time for space, digesting valuations through profit growth. Everbright Securities believes that the overall profitability of Hong Kong stocks is relatively strong, while assets in the internet, new consumption, and innovative pharmaceuticals are relatively scarce. Combined with the current low valuations, the long-term cost-performance ratio remains high.

## **Blue Chip Performance**

KUAISHOU-W (01024) led the blue chips. By the close, it rose 6.35%, closing at HKD 77, with a turnover of HKD 6.808 billion, contributing 21.91 points to the Hang Seng Index. After Keling AI appeared as a corporate representative on "News Broadcast" at the end of June this year, it made another appearance on "Focus Interview" at the end of July. Reports indicate that the exhibition area for the domestically produced video generation large model Keling AI was crowded. Over the past year, Keling AI has undergone more than 30 iterations, continuously breaking through the creative capabilities of the video generation large model. Currently, the product is experiencing rapid user growth in markets such as North America, Europe, and East Asia, with a total global user base exceeding 45 million, doubling in just three months.

In other blue chip stocks, SMIC (00981) rose 1.79%, closing at HKD 51.1, contributing 6.36 points to the Hang Seng Index; Sands China (01928) rose 1.71%, closing at HKD 19.04, contributing 1.2 points to the Hang Seng Index; Zijin Mining (02899) fell 6.05%, closing at HKD 20.95, dragging down the Hang Seng Index by 12.04 points; Budweiser APAC (01876) fell 5.82%, closing at HKD 8.26, dragging down the Hang Seng Index by 1.61 points.

## **Popular Sectors**

On the market, most large technology stocks fell, with Xiaomi down nearly 3% and Alibaba down over 1%. Multiple catalysts drove AI concept stocks higher, with Meitu Inc. soaring over 11% and Out of the Box rising 9%; gaming stocks rose against the trend, with MGM China rising over 6% after its earnings report; the National Internet Information Office held talks with NVIDIA regarding the safety of H20 computing chips, leading to a midday rally in chip stocks, with SMIC and Hua Hong Semiconductor rising over 5% at one point. On the other hand, Powell's speech dampened interest rate cut expectations, causing gold stocks to fall across the board; steel, domestic real estate stocks, CRO concepts, Chinese brokerage stocks, and automotive stocks all declined.

**1\. Most AI concept stocks rose.** By the close, Meitu Inc. (01357) rose 11.03%, closing at HKD 12.08; Kingdee International (00268) rose 9.32%, closing at HKD 18.3; KUAISHOU-W (01024) rose 6.35%, closing at HKD 77; Kingsoft Cloud (03896) rose 5.54%, closing at HKD 7.81 Recently, AI applications have encountered multiple catalysts. On July 28, Zhipu released its new generation flagship model GLM-4.5, which was simultaneously open-sourced on the HuggingFace and ModelScope platforms. It is understood that GLM-4.5 achieves open-source SOTA in comprehensive capabilities including reasoning, coding, and agents, and has been tested as the best in the country in artificial comparative evaluations of real code agents; OpenAI plans to launch the new flagship model GPT-5 in August. Additionally, the latest earnings reports from Meta and Microsoft exceeded expectations, and they are increasing capital expenditures. Dongfang Securities pointed out that they are optimistic about the user growth of vertical AI products and the acceleration of commercialization in the second half of the year. Considering the current better overseas AI payment habits and willingness, the firm believes that companies with overseas AI application layouts in China should be emphasized, as commercialization may exceed expectations.

**2\. Gaming stocks rise against the trend.** As of the close, MGM China (02282) rose 6.41% to HKD 16.6; Melco International Development (00200) rose 4.02% to HKD 5.44; Sands China (01928) rose 1.71% to HKD 19.04; Galaxy Entertainment (00027) rose 1.19% to HKD 38.4.

MGM China announced that, according to International Financial Reporting Standards, total revenue for the second quarter ending June 30 this year was HKD 8.667 billion, an increase of 8.89% year-on-year; total revenue for the first half of the year was HKD 16.661 billion, an increase of 2.73% year-on-year. The company's adjusted EBITDA for the second quarter was HKD 2.511 billion, an increase of 2.79% year-on-year, reaching a record high. In addition, Citigroup maintains its July 2025 GGR forecast at MOP 21 billion (approximately 86% of the July 2019 level, a year-on-year increase of 13%), expecting concerts by Aaron Kwok (City of Dreams), Sandy Lam (Sands China Venetian Theatre), and Wang Feng (MGM) to support the average daily GGR for the remaining time of this month at around MOP 668 million.

**3\. Non-ferrous stocks fell across the board.** As of the close, Zijin Mining (02899) fell 6.05% to HKD 20.95; Luoyang Molybdenum (03993) fell 5.7% to HKD 8.94; Jiangxi Copper (00358) fell 5.05% to HKD 15.78; Lingbao Gold (03330) fell 4.32% to HKD 10.18.

The Federal Reserve held its position for the fifth consecutive time, keeping the federal funds rate target range unchanged at 4.25% to 4.5%. Powell stated that the Federal Reserve has not made any decisions regarding the September rate. He mentioned that they "will refer to relevant economic information before the next meeting." It is still too early to assert whether the Federal Reserve will lower the federal funds rate in September as the financial markets expect. Additionally, U.S. President Trump announced that starting August 1, a 50% tariff will be imposed on imported semi-finished copper products and copper-intensive derivatives; copper input materials and copper scrap are not subject to "Section 232" or equivalent tariffs. Following the White House's announcement of this tariff, copper prices in New York plummeted about 20% within minutes, marking the largest single-day drop in history **4\. The decline of property stocks continues.** As of the close, New World Development (01030) fell 6.02% to HKD 2.5; Sunac China (01918) fell 5.45% to HKD 1.56; Agile Group (03383) fell 5% to HKD 0.475; R&F Properties (02777) fell 3.23% to HKD 0.9.

On July 30, the Central Political Bureau held a meeting. Guosheng Securities pointed out that the real estate sector was mentioned less in this work, only emphasizing the need to "implement the spirit of the Central Urban Work Conference and carry out urban renewal with high quality." The sales area of real estate in June continued to decline year-on-year, and after the sales weakened, real estate investment continued to shrink, with cumulative year-on-year real estate investment falling to 11.2%, a decline of 0.5 percentage points compared to the previous month. According to the content of this meeting, subsequent policy measures in the real estate sector may focus on stabilizing the market, with policies including increasing potential demand for "urban renewal," "urban villages, and renovation of dilapidated cities."

## **Popular Active Stocks**

**1\. Jinxin Fertility** **(01951)** **surged and then fell back,** **closing up 2.78% at HKD 3.33.**

On July 31, the General Office of the People's Government of Beijing Municipality issued "Measures for Improving the Fertility Support Policy System to Promote the Construction of a Fertility-Friendly Society." It mentioned reasonably determining the price level of obstetric services, including suitable delivery pain relief and assisted reproductive technology projects in the scope of medical insurance payment, and timely adjusting relevant medical insurance payment policies.

**2\. Prada** **(01913)** **stock price plummeted,** **closing down 8.33% at HKD 42.9.**

Citi pointed out that Prada's performance in the first half of the year slightly missed expectations, with revenue of EUR 2.74 billion, 2% lower than the bank's and market expectations, mainly due to slightly weaker retail net sales for both the Prada and Miu Miu brands, which fell by 3.6% and rose by 40%, respectively. The optimization of channel structure drove gross margins above expectations, but the costs related to the acquisition of Versace and weak sales led to net profit falling below expectations.

**3\. Hisense Home Appliances (00921) declined after earnings,** **closing down 6.42% at HKD 22.6.**

Hisense Home Appliances released its mid-year results for 2025, with total operating revenue of RMB 49.34 billion, an increase of 1.44% year-on-year; net profit attributable to the parent company was RMB 2.077 billion, an increase of 3.01% year-on-year. In the second quarter of 2025 alone, Hisense Home Appliances achieved total operating revenue of RMB 24.502 billion, a year-on-year decrease of 2.60%; net profit attributable to the parent company was RMB 949 million, a year-on-year decrease of 8.25%.

**4\. New Oriental-S (09901) was under pressure all day,** **closing down 4.11% at HKD 35.**

New Oriental released its fourth-quarter results for the period ending May 31, 2025, with net revenue rising 9.4% year-on-year to USD 1.243 billion, while net profit fell 73.7% year-on-year to USD 7.1 million In addition, the company expects net revenue for the first quarter of the fiscal year 2026 to be between $1.464 billion and $1.507 billion, representing a year-on-year growth rate of 2% to 5%. The expected net revenue for the entire fiscal year 2026 is between $5.145 billion and $5.39 billion, with a year-on-year growth rate of 5% to 10%

### Related Stocks

- [01024.HK - KUAISHOU-W](https://longbridge.com/en/quote/01024.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| China fines Kuaishou over $17 million for failure to curb offensive content | China's cyberspace regulator fined Kuaishou Technology 119.1 million yuan ($17.2 million) for failing to control pornogr | [Link](https://longbridge.com/en/news/275107090.md) |
| Kuaishou Technology Files Next Day Disclosure Return to HKEX for 24,371 New Shares Issued at Up to HKD 62.3 Each | Kuaishou Technology has filed a Next Day Disclosure Return with the Hong Kong Stock Exchange, announcing the issuance of | [Link](https://longbridge.com/en/news/274296436.md) |
| Canada January producer prices up 2.7% on precious metals, lumber | Producer prices in Canada rose by 2.7% in January compared to December, driven by increases in primary non-ferrous metal | [Link](https://longbridge.com/en/news/276446665.md) |
| Tempus AI EVP Erik Phelps Sells Shares | Erik Phelps, EVP and Chief Admin. Officer of Tempus AI, sold 9,464 shares of Class A Common Stock on February 19, 2026,  | [Link](https://longbridge.com/en/news/276495655.md) |
| Annette Franqui Purchases 1,540 Shares of OFG Bancorp (NYSE:OFG) Stock | OFG Bancorp Director Annette Franqui purchased 1,540 shares of the company's stock at $42.06 per share, totaling $64,772 | [Link](https://longbridge.com/en/news/276494822.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
