--- title: "HK Stocks Close | Three Major Indices Flatten Amid Volatility; Alibaba Leads Majority Stake Higher Post-Earnings; Gold Mining Stocks Plunge" type: "News" locale: "en" url: "https://longbridge.com/en/news/286381467.md" description: "On May 14, the Hong Kong stock market maintained a narrow range of fluctuation throughout the day, presenting a significant structural trend. Catalyzed by strong growth in AI and cloud businesses reported in its earnings, Alibaba bucked the trend with a nearly 4% surge, attracting massive capital inflows, while other majority stake stocks like Tencent Holdings showed divergent performance. On the macro front, gold mining stocks plunged due to expectations of a strong US dollar and tail risks associated with interest rate hikes, with Zhaojin Mining falling more than 10%. Meanwhile, the third-generation semiconductor materials sector emerged as a standout, with SICC Co., Ltd. soaring over 21% to become the focus of trading" datetime: "2026-05-14T08:13:01.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286381467.md) - [en](https://longbridge.com/en/news/286381467.md) - [zh-HK](https://longbridge.com/zh-HK/news/286381467.md) --- # HK Stocks Close | Three Major Indices Flatten Amid Volatility; Alibaba Leads Majority Stake Higher Post-Earnings; Gold Mining Stocks Plunge **Market Overview** ▪ Hong Kong stocks fluctuated within a narrow range during the session, with the three major indices closing mixed; ▪ The Hang Seng Index closed at 26,389.040 points, flat at 0.00% (+0.60 points); ▪ The Hang Seng China Enterprises Index closed at 8,858.630 points, down 0.20%; ▪ The Hang Seng Tech Index closed at 5,076.200 points, down 0.35%; ▪ Total market turnover for the day was approximately HK$187 billion. **Sector Performance and Hot Stocks** **Significant Divergence in Internet Tech Stocks; Alibaba Sought After Post-Earnings** ▪ Alibaba-W (09988.HK) surged 3.84% to HK$137.9, leading the entire market with HK$22.8 billion in capital inflows; its Alibaba Cloud growth rate hit a nine-quarter high, and management clearly emphasized betting heavily on the monetization prospects of AI; ▪ Baidu Group-SW (09888.HK) rose 2.4%, and JD.com-SW (09618.HK) gained 1.56%; ▪ Tencent Holdings (00700.HK) opened higher but fell back to close down 0.69%, Meituan-W (03690.HK) dropped 1.77%, and Kuaishou-W (01024.HK) declined 1.45%. **Volatility in Semiconductor and SiC Sector; Leader SICC Soars** ▪ SICC Co., Ltd. (02631.HK), a leader in silicon carbide (SiC) substrates, jumped 21.42% today, with an intraday amplitude exceeding 25% and turnover reaching HK$3.06 billion; ▪ The semiconductor sector overall corrected, with Montage Technology (06809.HK) down 3.63%, SMIC (00981.HK) down 3.3%, and Hua Hong Semiconductor (01347.HK) down 2.16%. **Gold Mining Stocks Slide Collectively, Pressured by Strong US Dollar** ▪ Zhaojin Mining (01818.HK) plummeted 10.41% to HK$25.3, making it one of the worst performers; ▪ Zijin Mining (02899.HK) fell 4.22%, mainly suppressed by expectations of rising US Treasury yields and a strengthening US Dollar Index. **Divergence in New Energy Vehicle Sector; Li Auto Rises Nearly 5%** ▪ Li Auto-W (02015.HK) rose 4.48%, CATL (03750.HK) gained 1.49%, and BYD Company (01211.HK) edged up 0.25%; ▪ Geely Automobile (00175.HK) and Ganfeng Lithium (01772.HK) performed weakly, declining 0.56% and 3.88%, respectively. **Macro Background** ▪ Federal Reserve and Inflation Expectations: Federal Reserve Chair nominee Warsh was confirmed, pledging policy independence; US PPI rose 6% year-on-year, reinforcing market expectations that interest rates will remain high for longer, while the stronger US dollar severely impacted gold pricing. ▪ Industrial Competition and Cooperation: A UBS report showed Intel's server market share being continuously eroded by AMD and Arm; meanwhile, US business leaders visited China, improving market expectations for cooperation between China and the US in the technology and automotive sectors. ▪ Clear Path for AI Monetization: Alibaba and Tencent further quantified AI investments and returns in their earnings reports. Tencent Cloud's open-source tools significantly reduced token consumption, indicating that large model applications are accelerating iteration towards cost reduction and efficiency improvement. **Top 10 Market Turnover** ▪ Alibaba-W (09988) Latest price HK$137.9, up 3.84%, turnover HK$22.8 billion ▪ Tencent Holdings (00700) Latest price HK$459.4, down 0.69%, turnover HK$17.4 billion ▪ Tracker Fund of Hong Kong (02800) Latest price HK$26.56, up 0.15%, turnover HK$16.1 billion ▪ Hang Seng China Enterprises Index ETF (02828) Latest price HK$90.86, down 0.11%, turnover HK$11.6 billion ▪ CSOP Hang Seng TECH Index ETF (03033) Latest price HK$4.968, down 0.4%, turnover HK$7.0 billion ▪ SMIC (00981) Latest price HK$71.7, down 3.3%, turnover HK$6.9 billion ▪ Xiaomi Corporation-W (01810) Latest price HK$31.78, down 0.06%, turnover HK$4.9 billion ▪ Meituan-W (03690) Latest price HK$86.05, down 1.77%, turnover HK$4.6 billion ▪ POP MART (09992) Latest price HK$155.0, down 3.67%, turnover HK$4.4 billion ▪ CSOP 2x Daily Long SK Hynix (07709) Latest price HK$105.25, down 0.33%, turnover HK$4.2 billion ## Related News & Research - [My top 2 AI stocks flying under the radar for May 2026](https://longbridge.com/en/news/286368053.md) - [AI face is taking over — and driving plastic surgeons crazy](https://longbridge.com/en/news/286641783.md) - [Jack Antonoff tells people who are making AI art to 'drive right off that cliff'](https://longbridge.com/en/news/286592426.md) - [BCG trained an AI agent on the worst things its salespeople do](https://longbridge.com/en/news/286434998.md) - [These 3 engineering roles are now converging, says EY's AI leader](https://longbridge.com/en/news/286538922.md)