--- title: "The Hang Seng Index fell 321 points in half a day, Alibaba dropped over 4%, Trip.com fell by 10% after its earnings report, and Bank of China was accused of tax evasion, dropping nearly 5% ｜ Hong Kong Stock Market Afternoon Session" type: "News" locale: "en" url: "https://longbridge.com/en/news/290775982.md" description: "The Hong Kong Hang Seng Index fell 321 points in the half-day session, while the Tech Index dropped 74 points. Major tech stocks were generally under pressure, with Alibaba down over 4% and Trip.com falling by 10% after its earnings report. Bilibili benefited from a repurchase plan, rising nearly 3% against the trend. Micron's strong performance boosted memory concept stocks, with GIGADEVICE reaching a historical high. Bank of China fell nearly 5% due to allegations of tax evasion, and gold prices under pressure dragged Zijin Mining down" datetime: "2026-06-25T04:46:52.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290775982.md) - [en](https://longbridge.com/en/news/290775982.md) - [zh-HK](https://longbridge.com/zh-HK/news/290775982.md) --- # The Hang Seng Index fell 321 points in half a day, Alibaba dropped over 4%, Trip.com fell by 10% after its earnings report, and Bank of China was accused of tax evasion, dropping nearly 5% ｜ Hong Kong Stock Market Afternoon Session Under the positive performance of the external stock market, the Hong Kong stock market's Hang Seng Index opened 23 points lower this morning, and the decline continued to expand, dropping as much as 408 points to a low of 23,004 points, approaching the 23,000-point mark. It closed at 23,090 points, down 321 points or 1.37%, with a half-day turnover of HKD 174.3 billion; the Tech Index reported 4,404 points at noon, down 74 points or 1.66%. Among blue-chip stocks, Techtronic Industries (0669) rose 5.85% against the trend, reporting HKD 128.4, making it the best-performing blue-chip; Sunny Optical Technology (2382) became the worst-performing blue-chip, plummeting 10.34%; Trip.com (9961) followed closely behind, dropping sharply by 10.29% after its earnings report, closing at HKD 317.2. ## Bilibili repurchases, rising nearly 3% against the trend Large tech stocks were generally under pressure. Alibaba (9988) fell 4.23% at noon; Baidu (9888) dropped 3.55%; Xiaomi Group (1810) fell 3.57%; JD Group (9618) decreased by 2.62%; Meituan (3690) was down 1.62%; Tencent Holdings (700) fell 1.26%. In contrast, Bilibili (9626) rose 2.93% against the trend, mainly benefiting from the company's announcement of a USD 300 million stock repurchase plan and a report from Morgan Stanley expressing optimism about its stock price's absolute value increase over the next 30 days. ## Micron's strong performance benefits memory concept stocks In terms of sectors, driven by Micron's strong performance, Hong Kong's memory concept stocks collectively strengthened. GigaDevice (3986) rose over 13%, reaching a historical high, closing at HKD 105.6, up 7.05%; Lanqi Technology (6809) also rose 4.09%. In the ETF sector, CSOP 2x Long Hynix (7709) surged 16%; CSOP 2x Long Samsung Electronics (7747) rose 9.72%. Additionally, gold prices have recently been dragged down by the rebound of the US dollar and rising expectations of US interest rate hikes, briefly falling below USD 4,000 per ounce, with gold-related stocks following suit. Zijin Mining (2899) fell 5.77% at noon, reporting HKD 27.74. ## Bank of China faces audit report, stock price drops nearly 5% In individual stocks, Bank of China (3988) fell 4.74% at noon, reporting HKD 5.02. In terms of news, the bank was accused of evading tax payments of nearly RMB 2.4 billion and was reported by the audit office. The semiconductor newcomer, Tianzu ZhiXin (9903), performed well against the trend, benefiting from strong demand for AI computing power and an increase in the domestic production rate of GPUs. The stock rose as much as 8.5% during the session, reporting HKD 8.55, setting a new high since its listing. \--- With ongoing expectations of US interest rate hikes, the US dollar index remains high, peaking at 101.8 on Wednesday, slightly retreating this morning to report at 101.56; the three major US stock indices showed mixed developments, with the Dow Jones rising 182 points or 0.35%, reporting 51,848 points; the S&P 500 fell 7 points or 0.1%, reporting 7,358 points; the Nasdaq dropped 110 points or 0.43%, reporting 25,476 points. ## Micron's strong performance boosts AI investment sentiment However, Micron Technology (MU) announced strong quarterly results after the market closed, with revenue increasing 346% year-on-year to USD 41.456 billion, and up 74% quarter-on-quarter; adjusted net profit rose 1,223% year-on-year to USD 28.857 billion, and up 106% quarter-on-quarter, both exceeding market expectations The stock surged nearly 16% after hours, reporting at $1,213.96, which is expected to stimulate a better investment atmosphere for AI. In the Asia-Pacific stock market, the Japanese stock market rose nearly 2.8% to 71,100 points, while the South Korean stock market surged over 4.3% to 8,838 points. However, the Hong Kong Hang Seng Index opened lower by 23 points this morning, reporting at 23,388 points. Among blue-chip stocks, Sunny Optical (2382) and Lenovo (992) performed best at the opening, rising 5.5% and 5%, respectively. In contrast, heavyweight tech stocks were under pressure, with Alibaba (9988) confirming its lawsuit against the U.S. government, dropping over 2% at the opening; Tencent (700) fell 0.05%; Meituan (3690) dropped 0.6%; Xiaomi (1810) decreased by 1%, and JD.com (9618) fell 0.7%. Focus AI stocks continued to see speculation, with the dual giants MINIMAX (100) rising 4.2% and Zhizhu (2513) increasing by 7%; among storage concept stocks, Lanqi Technology (6809) rose 7.2%; GigaDevice (3986) increased by 5.9%; PCB concept stocks Kwan Tai Group (148) rose 5.3%, and Kwan Tai Laminates (1888) also increased by 4.5%. ## Gold Prices Down, Zijin Gold Falls Over 3% Gold prices fell, and gold-related stocks also saw declines, with Zijin Gold (2259) dropping 3.4%; its parent company Zijin Mining (2899) fell 3.3%; and Zhaojin Mining (1818) also decreased by 3%. ## Bilibili Plans to Repurchase Up to $300 Million in Shares In individual stock news, Bilibili (9626) plans to repurchase up to $300 million in shares within the next 24 months; the stock opened at 130 HKD, rising 3%. Regarding northbound capital movements, there was a net purchase of HKD 15.751 billion in Hong Kong stocks yesterday, with Tracker Fund (2800), Kwan Tai Group (148), and Kwan Tai Laminates (1888) receiving net purchases of HKD 6.175 billion, HKD 2.816 billion, and HKD 2.063 billion, respectively; while Alibaba (9988) and Hua Hong Semiconductor (1347) faced net sales of HKD 948 million and HKD 686 million, respectively ### Related Stocks - [STECH.HK](https://longbridge.com/en/quote/STECH.HK.md) - [BABA.US](https://longbridge.com/en/quote/BABA.US.md) - [MU.US](https://longbridge.com/en/quote/MU.US.md) - [03988.HK](https://longbridge.com/en/quote/03988.HK.md) - [TCOM.US](https://longbridge.com/en/quote/TCOM.US.md) - [02899.HK](https://longbridge.com/en/quote/02899.HK.md) - [00HSI.HK](https://longbridge.com/en/quote/00HSI.HK.md) - [BACHY.US](https://longbridge.com/en/quote/BACHY.US.md) - [601899.CN](https://longbridge.com/en/quote/601899.CN.md) - [09961.HK](https://longbridge.com/en/quote/09961.HK.md) - 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