--- title: "Hong Kong Stock Market Closing (06.23) | Hang Seng Index closed down 1.82%, technology and non-ferrous stocks plummeted, innovative drug concept rose against the trend" type: "News" locale: "en" url: "https://longbridge.com/en/news/290533895.md" description: "The three major Hong Kong stock indices expanded their losses in the afternoon, with the Hang Seng Index closing down 1.82% and the Hang Seng TECH Index falling over 3%. Influenced by hawkish expectations from the Federal Reserve and liquidity factors, technology stocks collectively declined, with Tencent and Alibaba experiencing significant drops; the non-ferrous metals sector was under pressure, with CMOC falling nearly 11%. Conversely, the innovative drug concept rose, with INNOVENT BIO increasing by 1.53%; Geely Auto was upgraded to \"Buy\" by Daiwa, leading the blue-chip gains" datetime: "2026-06-23T08:36:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290533895.md) - [en](https://longbridge.com/en/news/290533895.md) - [zh-HK](https://longbridge.com/zh-HK/news/290533895.md) --- # Hong Kong Stock Market Closing (06.23) | Hang Seng Index closed down 1.82%, technology and non-ferrous stocks plummeted, innovative drug concept rose against the trend According to Zhitong Finance APP, Hong Kong stocks are under pressure again today, with the three major indices widening their declines in the afternoon. The Hang Seng TECH Index fell over 3%. By the close, the Hang Seng Index dropped 1.82% or 432.24 points, closing at 23,336.28 points, with a total turnover of HKD 334.361 billion; the Hang Seng China Enterprises Index fell 1.96%, closing at 7,759.36 points; the Hang Seng TECH Index fell 3.3%, closing at 4,399.22 points. Cathay Securities pointed out that in the short term, Hong Kong stocks are impacted by multiple liquidity factors, including the hawkish stance of the Federal Reserve, passive index rebalancing, and a small peak in unlocks this year. After these negative factors are digested, the market is expected to return to a basic understanding of cost-effectiveness. Galaxy Securities believes that looking ahead to the second half of the year, the "valley" of the Hong Kong stock market is a fact, the "maze" is the current situation, the "long slope" is the direction, and "accumulation of strength" is the process. ## **Blue Chip Performance** Geely Auto (00175) led the blue chips. By the close, it rose 2.12%, closing at HKD 17.82, with a turnover of HKD 896 million, contributing 3.68 points to the Hang Seng Index. Daiwa upgraded Geely Auto's investment rating from "Hold" to "Buy" and raised the target price from HKD 23.7 to HKD 27. Daiwa believes that Geely's sales performance in the first five months of this year has been strong, and the overseas market is expected to become the company's core growth driver from 2026 to 2030. The proportion of ZEEKR in the group's total sales has risen to 12%, and the order structure reflects consumer recognition of the company's high-end strategy, which helps further enhance the overall brand image. In other blue chips, CLP Holdings (00006) rose 1.59%, closing at HKD 57.5, contributing 1.89 points to the Hang Seng Index; Innovent Biologics (01801) rose 1.53%, closing at HKD 76.5, contributing 2.9 points to the Hang Seng Index; CMOC (03993) fell 10.88%, closing at HKD 17.29, dragging down the Hang Seng Index by 12.15 points; Xinyi Solar (00968) fell 7.96%, closing at HKD 2.08, dragging down the Hang Seng Index by 1.33 points. ## **Popular Sectors** On the market, large tech stocks collectively fell, with Tencent down over 4% and Alibaba down over 3%. The global tech boom suddenly cooled, with the South Korean stock market hitting a circuit breaker today, and the tech sector in Hong Kong generally suffered heavy losses; expectations for a Federal Reserve interest rate hike increased, putting pressure on gold, copper, and other non-ferrous metals; lithium batteries, automotive, and catering stocks showed weak performance. On the other hand, the National Medical Products Administration released the annual report on new drug clinical trials, and the innovative drug concept rose against the trend; some domestic bank stocks performed actively. **1\. Innovative Drug Concept Rises Against the Trend.** By the close, Sihuan Pharmaceutical (02005) rose 7.43%, closing at HKD 2.17; Jingtao Holdings (02228) rose 5.05%, closing at HKD 7.07; Kanglongda-B (02162) rose 4.06%, closing at HKD 59; Kintor Pharmaceutical (09926) rose 3.07%, closing at HKD 85.5. On June 22, the National Medical Products Administration released the 2025 "Annual Report on the Progress of Clinical Trials for New Drug Registration in China," which showed that the total number of clinical trials in China has exceeded 5,000 for the first time, setting a historical record. Guojin Securities believes that overseas investment and financing are warming up, and MNC innovation enthusiasm continues. Under a marginally loose liquidity environment, expectations for a rebound in investment and financing in the biopharmaceutical industry continue to rise, and market risk appetite has significantly improved Looking ahead to 2026, the revenue guidance for leading overseas CXO companies remains steady with slight growth, coupled with a gradual recovery in global biopharmaceutical investment and financing, and a steady rebound in the demand for innovative drug research and development. The industry's prosperity continues to show an upward trend, and the certainty of growth is further enhanced. **2\. Technology sectors such as storage and PCB experience sharp declines.** As of the close, Lanqi Technology (06809) fell 12.44%, closing at HKD 408.2; Zhiyuan Innovation (03986) dropped 10.3%, closing at HKD 936.5; Shenghong Technology (02476) decreased 12.19%, closing at HKD 370.2; Changfei Optical Fiber Cable (06869) fell 7.48%, closing at HKD 264.6. On June 23, Asian tech stocks faced pressure. In the South Korean market, the KOSPI index closed down 9.99%, triggering a trading halt for 20 minutes at one point. In terms of individual stocks, SK Hynix and Samsung Electronics both fell over 12%. Notably, overnight U.S. tech stocks mostly plummeted, and more investors began to question whether the massive capital expenditures by large-scale cloud service providers on AI infrastructure expansion were reasonable. Additionally, reports indicated that NVIDIA requested PCB and optical module manufacturers to lower prices. Brokers explained that it is impossible for the supply chain to pressure prices from both sides, and negotiations for price reductions by optical module and PCB companies would not yield specific figures. **3\. Gold, copper, and other non-ferrous metals see significant declines.** As of the close, Luoyang Molybdenum (03993) fell 10.88%, closing at HKD 17.29; Jiangxi Copper (00358) dropped 10.61%, closing at HKD 36.38; Zijin Mining International (02259) decreased 6.88%, closing at HKD 99.55. Several investment banks, including Bank of America and Deutsche Bank, predict that the Federal Reserve may start raising interest rates in September. Bank of America's Chief U.S. Economist Aditya Bhave recently forecasted that the Fed may raise rates three times this year, estimating increases of 25 basis points each in September, October, and December, raising the federal funds rate by a total of 75 basis points from the current range. The CME Group's FedWatch Tool shows that the probability of a rate hike at the Fed's July meeting has reached 36%, whereas last week this probability was nearly zero. The probability of the Fed maintaining rates unchanged until September is 26.1%, while the cumulative probability of a 25 basis point increase is 52.2%, and the probability of a 50 basis point increase is 21.4%. ## **Popular Volatile Stocks** **The performance of two new stocks is divergent.** As of the close, Xingyuan Materials (06067) rose 22.49%, closing at HKD 11; Huajian Future-B (06132) fell 56.89%, closing at HKD 35.26. On June 23, two companies in the new energy new materials and innovative biopharmaceutical sectors simultaneously listed on the main board of the Hong Kong Stock Exchange, namely Xingyuan Materials and Huajian Future. It is reported that Xingyuan Materials is one of the first and few companies in mainland China that possesses production technology capabilities for dry, wet, and coated lithium-ion battery separators Huajian Future has three core products: HJ787, HJ178, and HJ891, all of which are self-developed, small molecule, Class 1 innovative drugs approved by the National Medical Products Administration. **Guomin Technology** **(** **02701** **)** **performed well** **. As of the close, it rose** **10.94** **%, closing at** **12.07** **HKD.** Everbright Securities pointed out that the company ranks among the top Chinese manufacturers in the MCU market; it is one of the few suppliers to have achieved breakthroughs in domestic 800G and above optical module MCUs; and the company's AI server power management module is progressing well, currently supplying to leading downstream enterprises, contributing to rapid performance growth. The firm believes the company has certain scarcity and premium potential. **COSCO Shipping Energy** **(** **01138** **)** **continued its upward trend** **. As of the close, it rose** **5.87** **%, closing at** **18.04** **HKD.** On June 22 local time, the U.S. Department of the Treasury issued a general license authorizing the production, transportation, and sale of Iranian-origin crude oil, petrochemical products, and petroleum products until August 21. The document indicates that this general license covers transactions allowing the import of Iranian-origin crude oil, petrochemical, and petroleum products into the United States. **Haitian Flavoring & Food** **(** **03288** **)** **AH shares rose together** **. As of the close, it rose** **2.95** **%, closing at** **30** **HKD.** Haitian Flavoring & Food announced plans to use its own funds to repurchase A-share shares through centralized bidding, with a repurchase amount of no less than 1 billion and no more than 2 billion, and a maximum repurchase price of 53 HKD/share. Of the shares repurchased, 70% or more will be used for cancellation and reduction of the company's registered capital, while the remaining portion will be used as a source for employee stock ownership plans or equity incentives. **Pharmaron-B** **(** **02617** **)** **stock price plummeted** **. As of the close, it fell** **59.71** **%, closing at** **11.25** **HKD.** On June 23, Pharmaron marked the one-year anniversary of its listing, entering the second phase of lock-up expiration. Notably, the company has conducted three rounds of equity financing this year. 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