--- title: "HK Market Midday: Hang Seng Recovers After 200-Pt Drop; Alibaba Jumps Nearly 4%, Oil Stocks Rise" type: "News" locale: "en" url: "https://longbridge.com/en/news/296184505.md" description: "Hang Seng Index recovers from an intraday drop of over 200 pts, now down just 0.05%. Alibaba rallies nearly 4% to lead blue chips, oil stocks gain over 2%, while AI-related names slide." datetime: "2026-08-18T06:20:08.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296184505.md) - [en](https://longbridge.com/en/news/296184505.md) - [zh-HK](https://longbridge.com/zh-HK/news/296184505.md) generator: "portal-rs" --- # HK Market Midday: Hang Seng Recovers After 200-Pt Drop; Alibaba Jumps Nearly 4%, Oil Stocks Rise On August 18, Hong Kong stocks staged a sharp intraday reversal, with the Hang Seng Index plunging more than **200 points** to **25,240** before recovering most of the losses. The benchmark index now trades at **25,440**, down just **0.05%**. The Hang Seng Tech Index fell **1.12%** to **4,728**, while the Hang Seng China Enterprises Index edged up to **8,442**. Turnover was active with approximately **HK$186.4 billion** in volume recorded so far. Tech majors were mixed, with Alibaba bucking the trend to surge nearly 4% as the top blue-chip gainer, while Meituan dropped over 3%. AI concept stocks broadly declined, led lower by SenseTime and Horizon Robotics. Oil stocks bucked the broader market weakness, with PetroChina and CNOOC each rising more than 2%. **Tech Stocks Diverge: Alibaba Up Nearly 4%, Meituan Down Over 3%** Alibaba (09988.HK) rallied nearly **4%** to **HK$126.9** on volume exceeding **80 million shares**. The company is set to report its fiscal first-quarter results this Thursday (August 20), having recently launched the Qwen3.8-Max and HappyShrimp models. China Galaxy Securities and China Merchants Securities are bullish on accelerating AI+cloud business growth and a potential valuation re-rating driven by the company's full-stack AI strategy. Meituan (03690.HK) slid more than **3%** to **HK$84.65**, Kuaishou (01024.HK) lost over **2%**, while Xiaomi (01810.HK) edged up **1.08%**. **AI Names Retreat: SenseTime Down Over 4%, Horizon Robotics Drops 6%** SenseTime (00020.HK) fell more than **4%** to **HK$1.465** on volume of over 670 million shares. Horizon Robotics (09660.HK) tumbled over **6%**, Lenovo Group (00992.HK) dropped nearly **5%**, and Kingsoft Cloud (03896.HK) declined nearly **2%**. On the news front, JPMorgan flagged that the AI large language model industry is set for accelerated differentiation, with Zhipu AI and MiniMax among AI model stocks that plunged more than 12% in the morning session, weighing on the broader sector. **Oil Stocks Gain: PetroChina and CNOOC Rise Over 2%** PetroChina (00857.HK) advanced **2.61%** to **HK$9.815**, while CNOOC (00883.HK) climbed **2.42%** to **HK$24.5**. Mainland Chinese banks held steady, with CCB (00939.HK) and ICBC (01398.HK) both up nearly **1%**. J&T Express (01519.HK) surged nearly **5%** to **HK$10.31**. Among notable movers, Zhenro Properties (06158.HK) skyrocketed **120.83%**, though at just **HK$0.053** it remains in penny stock territory. Kingboard Laminates (01888.HK) plunged nearly **7%**, ranking among the worst-performing blue chips. Starlight Legend (06683.HK) jumped over **14%** to **HK$4.915**. ### Related Stocks - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [09660.HK](https://longbridge.com/en/quote/09660.HK.md) - [01519.HK](https://longbridge.com/en/quote/01519.HK.md) - [06158.HK](https://longbridge.com/en/quote/06158.HK.md) - [01888.HK](https://longbridge.com/en/quote/01888.HK.md) - [06683.HK](https://longbridge.com/en/quote/06683.HK.md) ## Related News & Research - [Xiaomi delivers 30,153 cars in August, down 17.15% year-on-year](https://longbridge.com/en/news/298280522.md) - [Xiaomi's cumulative vehicle deliveries top 800,000 as Sky Nomad launch nears](https://longbridge.com/en/news/298158622.md) - [Xiaomi Sky Nomad tops 10,000 locked-in orders in 4 minutes after launch](https://longbridge.com/en/news/298222685.md) - [Meituan Food Delivery Launches Front-loaded Location Map and Store Environment Display Features for All Merchants](https://longbridge.com/en/news/298184052.md) - [Exclusive-After outrunning Bolt, China's robot champion races towards real-world work](https://longbridge.com/en/news/298516320.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**