"Hong Kong Stocks" Hang Seng Index down 252 points in half a day, technology stocks are weak, and some commodity stocks are rising

Hong Kong stocks fell in the morning session, with the Hang Seng Index opening down 114 points and the decline widening to 304 points, reporting 25,791 points, down 252 points or nearly 1% at midday, reporting 25,843 points; the National Index fell 115 points or 1.3%, reporting 9,067 points; the Hang Seng Tech Index fell 72 points or 1.3%, reporting 5,551 points. The total turnover of the market at midday shrank to HKD 86.066 billion.

In the tech sector, JD Industrial (07618.HK) is going public, and JD.com (09618.HK) fell 0.3% along with the market. S&P indicated that Meituan (03690.HK) faces rising risks in achieving EBITDA recovery, with Meituan down 0.7%. Alibaba (09988.HK) and Kuaishou (01024.HK) fell 2% and 1.7%, Tencent (00700.HK) and Xiaomi (01810.HK) fell 1.1% and 0.8%, Baidu (09888.HK) fell 0.6%, and NetEase (09999.HK) and Bilibili (09626.HK) fell 3.3% and 2.7%. Additionally, Xindong (02400.HK) and Meitu (01357.HK) fell over 4%, while NetEase Cloud Music (09899.HK) and Kingdee (00268.HK) fell 5.5% and 5.6%.

In the mobile components sector, Q TECH (01478.HK) fell 3.4%. It was reported that Sunny Optical (02382.HK) exclusively supplies the prototype lens and main camera telephoto module for Doubao mobile assistant, with the stock falling 0.5% along with the market. In the chip sector, SMIC (00981.HK) fell 0.4%, while Hua Hong (01347.HK) rose 1.9%. In the telecommunications equipment sector, ZTE (00763.HK) fell 2.8%.

In the automotive sector, BYD (01211.HK) fell 1.6% to HKD 98.5, while Nio (09866.HK) and XPeng (09868.HK) fell 3% and 3.9%, respectively, and Leapmotor (09863.HK) rose 2.1%. In the autonomous driving concept, Pony.ai (02026.HK), Hesai (02525.HK), and Horizon Robotics (09660.HK) each fell over 2%, while WeRide (00800.HK) rose 2.5%. In the battery sector, CATL (03750.HK) fell 0.5%.

In the financial sector, HSBC (00005.HK) closed flat at HKD 111, while Hong Kong Exchanges and Clearing (00388.HK) and AIA (01299.HK) fell 0.9% and 1.2%, respectively. In the domestic insurance sector, China Life (02628.HK) fell 2.2%. PICC Property and Casualty (02328.HK) fell 3.9%, with news of the president being taken away for investigation continuing to affect the stock price. R&F Properties (02777.HK) received 77% creditor approval for the restructuring of its dollar notes, extending the final deadline, with R&F falling 1.6%. Fitch placed Vanke (02202.HK) on a negative rating watch list, with Vanke falling 0.3% In other property stocks, Sunac China (01109.HK) fell 1.4%, and Agile Group (03383.HK) fell 2.5%.

In other stocks, Pop Mart (09992.HK) fell 0.6%, Miniso (09896.HK) and Nongfu Spring (09633.HK) fell 2.3% and 2.6%. Commodity stocks performed well, with Chalco (02600.HK) rising 5.7%, and China Molybdenum (03993.HK), MMG (01208.HK), and Hongqiao (01378.HK) rising between 2.9% and 3.7%. Chalco Group indicated that the first shipment of iron ore from the Ximangdu project was dispatched, fully loaded with 200,000 tons of iron ore. Gold stocks Zhaojin Mining (01818.HK) and Zijin Mining (02899.HK) each rose 1.4%. Export stocks Techtronic Industries (00669.HK) rose 3.4%