--- title: "HK Midday Wrap｜HSI Slips Into Red; Kuaishou Tumbles Over 11% on Tencent Stake Sale; Meituan Bucks Trend Up 3%+" type: "News" locale: "en" url: "https://longbridge.com/en/news/291885863.md" description: "Hong Kong stocks turned choppy at midday as KOSPI's 8% crash triggered circuit breakers. Kuaishou slumped over 11% after Tencent sold its stake, while Meituan rose over 3% to lead blue chips." datetime: "2026-07-07T06:17:46.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/291885863.md) - [en](https://longbridge.com/en/news/291885863.md) - [zh-HK](https://longbridge.com/zh-HK/news/291885863.md) generator: "portal-rs" --- # HK Midday Wrap｜HSI Slips Into Red; Kuaishou Tumbles Over 11% on Tencent Stake Sale; Meituan Bucks Trend Up 3%+ Hong Kong equities drifted lower in afternoon trading on July 7, extending a choppy morning session. The Hang Seng Index closed the half-day at **23,517 points**, down 98 points or 0.42%, while the Hang Seng Tech Index shed 12 points to **4,528 points**. South Korea's KOSPI index plunged more than 8%, triggering circuit breakers, and Japan's Nikkei tumbled over 1,000 points, dragging on sentiment across the region. The HSI had earlier risen over 200 points before reversing course. Across the board, tech stocks saw a sharp divergence as Tencent's stake sale in Kuaishou rippled through the sector. Semiconductor names tracked weakness in Korean chip stocks, while mainland property and building materials names led declines. On the flip side, Meituan and Tencent bucked the trend to cushion the broader market, Lenovo Group gained over 2%, and Chinese banking majors alongside HSBC held relatively firm. **Tech Stocks Deeply Split: Kuaishou Plunges Over 11%, Meituan Climbs 3%+** Kuaishou (01024.HK) slumped over 11% in afternoon trade to **HK$40.80**, with nearly 400 million shares changing hands to top the turnover leaderboard. The sell-off came after news that Tencent had offloaded its stake in the short-video platform. In contrast, Meituan (03690.HK) rose over 3% to **HK$77.60**, while Tencent (00700.HK) added over 1% to **HK$345.20**, extending its winning streak to six sessions. Alibaba (09988.HK) edged down 0.2%, and Xiaomi (01810.HK) was nearly flat. **Semiconductor Sector Weakens; SMIC Slides Nearly 4%** SMIC (00981.HK) fell nearly 4% to **HK$72.85**, while Horizon Robotics (09660.HK) lost 2.5% to **HK$4.38**. The weakness tracked heavy losses across Korean chip names, with Samsung Electronics and SK Hynix both down over 10% after the KOSPI circuit breaker was triggered. Lenovo Group (00992.HK), however, bucked the trend with a gain of over 2% to **HK$20.90**. **Property and Building Materials Lead Declines; CNBM Drops Over 8%** China National Building Material (03323.HK) tumbled over 8% to **HK$4.42**, while Sunac China (01918.HK) lost over 6% to **HK$0.58** and Country Garden (02007.HK) fell more than 3% to **HK$0.178**. KB Laminates (01888.HK) also shed over 6% to **HK$68.95**, as the broader property and materials complex remained under pressure. **Chinese Banks and HSBC Hold Steady; ICBC Edges Higher** Industrial and Commercial Bank of China (01398.HK) edged up 0.62% to **HK$6.47**, while HSBC Holdings (00005.HK) added 0.73% to **HK$68.90**. China Construction Bank (00939.HK) dipped 0.76%, and Bank of China (03988.HK) slipped 0.21%. On the news front, Hong Kong's central gold clearing and settlement system officially commenced trial operations today, with HSBC already facilitating the first batch of trades, while Standard Chartered and BOCHK also actively participated. Elsewhere, CSPC Pharmaceutical (01093.HK) fell nearly 5% to **HK$7.82**, and SenseTime-W (00020.HK) lost close to 4% to **HK$1.29**. GCL Tech (03800.HK) declined about 3%, while Kingsoft Cloud (03896.HK) bucked the trend with a gain of nearly 2%. ### Related Stocks - [01024.HK](https://longbridge.com/en/quote/01024.HK.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [03323.HK](https://longbridge.com/en/quote/03323.HK.md) - [01888.HK](https://longbridge.com/en/quote/01888.HK.md) - [01918.HK](https://longbridge.com/en/quote/01918.HK.md) - [01398.HK](https://longbridge.com/en/quote/01398.HK.md) ## Related News & Research - [Kuaishou files HKEX next-day disclosure return, issues 2,472 new shares to lift share capital](https://longbridge.com/en/news/298450755.md) - [Kuaishou files HKEX next-day disclosure return reporting 8,700-share capital increase](https://longbridge.com/en/news/298735731.md) - [Meituan Food Delivery Launches Front-loaded Location Map and Store Environment Display Features for All Merchants](https://longbridge.com/en/news/298184052.md) - [KUAISHOU-W Buys Back 633,000 Shrs for Nearly HKD20M](https://longbridge.com/en/news/298664795.md) - [KUAISHOU-W Repurchases 618,000 Shrs Yesterday for Approx. HKD19.99M](https://longbridge.com/en/news/298522680.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**