--- title: "Hang Seng Index and Hang Seng Tech Index Drop Nearly 1%, Internet Stocks Fall Broadly, BIDU-SW Rises 2% Against the Trend, CKH HOLDINGS Gains Over 4%" type: "News" locale: "en" url: "https://longbridge.com/en/news/285173718.md" description: "Affected by escalating tensions between the US and Iran, Hong Kong stocks opened lower and continued to decline. The Hang Seng Index closed down 0.76%, and the Hang Seng Tech Index closed down 0.94%. Sector performance diverged, with security and baijiu stocks strengthening against the trend, while internet stocks fell broadly; BIDU-SW rose 2% against the market. In individual stocks, CATL gained nearly 4%, and CKH HOLDINGS rose over 4% as it confirmed a HK$4.7 billion gain from the proposed sale of its UK telecommunications business. Tianxing Medical surged over 118% on its listing debut" datetime: "2026-05-05T08:34:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285173718.md) - [en](https://longbridge.com/en/news/285173718.md) - [zh-HK](https://longbridge.com/zh-HK/news/285173718.md) --- # Hang Seng Index and Hang Seng Tech Index Drop Nearly 1%, Internet Stocks Fall Broadly, BIDU-SW Rises 2% Against the Trend, CKH HOLDINGS Gains Over 4% On Tuesday, May 5, affected by the escalation of tensions between the US and Iran overnight, market sentiment came under pressure, and Hong Kong stocks opened lower and continued to decline. The Hang Seng Index opened down 0.58%, dropping more than 1.2% at one point during the session, and closed down 0.76%; the Hang Seng Tech Index opened down 0.55%, with losses widening to 1.7% in the afternoon, and closed down 0.94%. According to Xinhua News Agency and CCTV News, on May 3 local time, US President Trump announced the launch of an operation named "Freedom Plan" to "guide" trapped vessels out of the Strait of Hormuz. The US military stated on the 4th that two merchant ships flying the US flag had successfully passed through the Strait of Hormuz. **Iran fired multiple cruise missiles and drones at US naval vessels and merchant ships under US military "protection" on the same day, and the US military sank six small Iranian vessels attempting to obstruct the navigation of merchant ships.** Meanwhile, according to Xinhua News Agency, the Fujairah Media Office issued a statement on the 4th stating that **the Fujairah oil industrial area caught fire after being attacked by a drone coming from the direction of Iran**. In terms of sectors, security monitoring, intelligent transportation, and baijiu strengthened against the trend; banking and sports apparel led the declines. Internet stocks fell collectively, with Trip.com, Xiaomi, and MEITUAN dropping more than 1%, while Tencent Holdings and Alibaba fell by less than 0.5%; BIDU-SW bucked the trend to close up 2%. Regarding individual stocks, China Tourism Group Duty Free Corporation dropped more than 7% at one point during the session, closing down 0.5%, hitting a new low in nearly seven months. CATL gained nearly 4%, while Budweiser APAC and Pop Mart rose more than 2%. CKH HOLDINGS gained over 4%. In news, CKH HOLDINGS announced at noon that it would derecognize its investment in the UK telecommunications business VodafoneThree. Currently, Vodafone holds 51%, and Hutchison, a subsidiary of CKH HOLDINGS, holds 49%. The parties agreed that upon completion of the cancellation, the shares held by Hutchison would be cancelled for a cash consideration of £4.3 billion (approximately HK$45.494 billion). CKH HOLDINGS will thereby derecognize all equity interests, reducing its holding to zero, which is treated as a disposal, with an expected recognized gain of approximately HK$4.7 billion. **Tianxing Medical made an impressive debut on its first day of listing, surging more than 118%.** The company is an innovative medical device enterprise specializing in sports medicine, primarily engaged in the R&D, production, and sales of sports medicine implants, active equipment and consumables, as well as surgical tools, providing comprehensive clinical solutions in sports medicine for patients and doctors. The company's revenue and profit have grown rapidly in recent years. From 2023 to 2025, operating revenue increased from RMB 239 million to RMB 400 million, and net profit increased from RMB 63.58 million to RMB 140 million. ### Related Stocks - [09888.HK](https://longbridge.com/en/quote/09888.HK.md) - [00001.HK](https://longbridge.com/en/quote/00001.HK.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [00HSI.HK](https://longbridge.com/en/quote/00HSI.HK.md) - [STECH.HK](https://longbridge.com/en/quote/STECH.HK.md) - [BIDU.US](https://longbridge.com/en/quote/BIDU.US.md) - [09961.HK](https://longbridge.com/en/quote/09961.HK.md) - [TCOM.US](https://longbridge.com/en/quote/TCOM.US.md) - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [BABA.US](https://longbridge.com/en/quote/BABA.US.md) - [601888.CN](https://longbridge.com/en/quote/601888.CN.md) - [01880.HK](https://longbridge.com/en/quote/01880.HK.md) - [300750.CN](https://longbridge.com/en/quote/300750.CN.md) - [03750.HK](https://longbridge.com/en/quote/03750.HK.md) - [01876.HK](https://longbridge.com/en/quote/01876.HK.md) - [09992.HK](https://longbridge.com/en/quote/09992.HK.md) - [VOD.UK](https://longbridge.com/en/quote/VOD.UK.md) - [VOD.US](https://longbridge.com/en/quote/VOD.US.md) - [00215.HK](https://longbridge.com/en/quote/00215.HK.md) - [89888.HK](https://longbridge.com/en/quote/89888.HK.md) - [CKHUY.US](https://longbridge.com/en/quote/CKHUY.US.md) - [HTGD.SG](https://longbridge.com/en/quote/HTGD.SG.md) - [XIACY.US](https://longbridge.com/en/quote/XIACY.US.md) - [81810.HK](https://longbridge.com/en/quote/81810.HK.md) - [HXXD.SG](https://longbridge.com/en/quote/HXXD.SG.md) - [83690.HK](https://longbridge.com/en/quote/83690.HK.md) - [MPNGY.US](https://longbridge.com/en/quote/MPNGY.US.md) - [HMTD.SG](https://longbridge.com/en/quote/HMTD.SG.md) - [TCEHY.US](https://longbridge.com/en/quote/TCEHY.US.md) - [80700.HK](https://longbridge.com/en/quote/80700.HK.md) - [HTCD.SG](https://longbridge.com/en/quote/HTCD.SG.md) - [TCTZF.US](https://longbridge.com/en/quote/TCTZF.US.md) - [89988.HK](https://longbridge.com/en/quote/89988.HK.md) - [HBBD.SG](https://longbridge.com/en/quote/HBBD.SG.md) - [HCCD.SG](https://longbridge.com/en/quote/HCCD.SG.md) - [HPPD.SG](https://longbridge.com/en/quote/HPPD.SG.md) ## Related News & Research - [China suspends new autonomous vehicle permits after Baidu outage, Bloomberg News reports](https://longbridge.com/en/news/284501286.md) - [4 charts show how war is throttling Iran's economy](https://longbridge.com/en/news/284801269.md) - [HEGSETH: U.S. AIMS TO PROTECT SHIPPING FROM IRANIAN AGGRESSION](https://longbridge.com/en/news/285205206.md) - [Caine: Remain ready to restart combat operations in Iran if called to do so](https://longbridge.com/en/news/285206855.md) - [HEGSETH STATED THAT THERE IS A SAFE ROUTE FOR COMMERCIAL SHIPPING TO MOVE THROUGH.](https://longbridge.com/en/news/285209646.md)