--- title: "Baidu Plunges 12% to Lead Tech Selloff; Xiaomi Rises 4% Post-Earnings; Chip Stocks Slide" type: "News" locale: "en" url: "https://longbridge.com/en/news/296291271.md" description: "Hang Seng Index narrows losses after lower open. Baidu tumbles over 12% on disappointing Q2 results, Xiaomi gains over 4% post-earnings, Hua Hong Semi drops nearly 10%, while Chinese banks buck the trend." datetime: "2026-08-19T02:18:34.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296291271.md) - [en](https://longbridge.com/en/news/296291271.md) - [zh-HK](https://longbridge.com/zh-HK/news/296291271.md) generator: "portal-rs" --- # Baidu Plunges 12% to Lead Tech Selloff; Xiaomi Rises 4% Post-Earnings; Chip Stocks Slide On August 19, Hong Kong's three major indices collectively opened lower before narrowing losses. As of press time, the Hang Seng Index edged down **0.22%** or 55.80 points to **25,415.35**, with intraday turnover of approximately **HK$71.9 billion**; the Hang Seng China Enterprises Index dipped 0.04% to 8,449.84; the Hang Seng TECH Index fell as much as 1% earlier in the session. On the stock front, Baidu tumbled over 12% post-earnings to lead the tech selloff, chip stocks tracked overnight weakness in global semiconductor peers, and China Unicom slumped over 9% after reporting a 35% profit decline. On the flip side, Xiaomi advanced over 4% following its earnings release, Chinese bank stocks bucked the downtrend, and Hong Kong & China Gas surged over 8% after a broker upgrade. **Baidu Crumbles Over 12% Post-Earnings; Tech Names Broadly Lower** As of press time, Baidu (09888.HK) plunged over 12% to **HK$88.5**, having hit an intraday low of HK$86.5. Kuaishou (01024.HK) fell nearly 4% to HK$37.96; Alibaba (09988.HK) shed close to 2% to HK$124.5; Tencent (00700.HK) inched up 0.1% to HK$443. Baidu reported Q2 total revenue of **RMB31.33 billion**, down 2% year-on-year, while adjusted net profit came in at **RMB2.57 billion**, a 46% year-on-year decline, both missing expectations. Citi trimmed its target price to US$166 on concerns over the sustainability of AI cloud growth, though it maintained a "Buy" rating. Nomura and CLSA also cut their earnings forecasts. CEO Robin Li highlighted strong momentum for Kunlun chips, and Baidu plans to convene an extraordinary general meeting on August 26 to seek shareholder approval for a dual-primary listing conversion. **Xiaomi Rises Over 4%; Management Says Worst of Smartphone Headwinds Nearing End** As of press time, Xiaomi (01810.HK) gained over 4% to **HK$27.32** on turnover exceeding HK$3.4 billion. The company reported Q2 adjusted net profit of **RMB6.219 billion**, down 42.58% year-on-year, while total revenue fell 6.07% to RMB108.922 billion. Despite the earnings decline, management noted that revenue topping the RMB100 billion mark again reflected operational resilience, and flagged that a dense pipeline of flagship smartphone launches in the second half signals the toughest phase is nearing its end, expressing confidence in the business outlook. **Global Chip Rout Spills Over; Hua Hong Semiconductor Tumbles Nearly 10%** As of press time, Hua Hong Semiconductor (01347.HK) sank nearly 10% to **HK$116.1**; SMIC (00981.HK) dropped over 3% to HK$73.45; Kingsoft Cloud (03896.HK) fell over 5% to HK$5.57. The selloff was triggered by heightened inflation fears amid US-Iran tensions, elevated oil prices, and US long-dated bond yields hovering near 20-year highs. The Philadelphia Semiconductor Index tumbled nearly 5% overnight, with NVIDIA, Intel, and Micron posting sharp losses, while SK Hynix ADRs plunged 9.2%, dragging Hong Kong-listed chip stocks sharply lower. **China Unicom Slumps Over 9% on 35% Profit Drop** As of press time, China Unicom (00762.HK) tumbled over 9% to **HK$5.69**, having slumped more than 11% intraday. The company reported interim profit fell 34.63% year-on-year to **RMB9.468 billion**, with no dividend declared. Revenue edged up 0.58%, while computing power revenue grew 13%. The company attributed the profit pressure to VAT and labour costs but expects the full-year profit decline to narrow significantly. **Chinese Banks Buck the Trend; HK & China Gas Surges Over 8%** Chinese bank stocks broadly advanced, with CCB (00939.HK) up over 1% to HK$9.08, ICBC (01398.HK) up over 1% to HK$7.36, and Bank of China (03988.HK) up over 1% to HK$5.40. Meanwhile, Hong Kong & China Gas (00003.HK) surged over 8% to **HK$7.34** on turnover exceeding HK$660 million, after JPMorgan upgraded the stock to "Overweight" and raised its target price. Elsewhere, property names saw notable moves: Zhenro Properties (06158.HK) rallied over 33%, Zhuguang Holdings (01176.HK) soared over 45%, Times China (01233.HK) jumped over 36%, and Radiance Holdings (09993.HK) gained nearly 10%. Weimob (02013.HK) tumbled nearly 9%. ### Related Stocks - [09888.HK](https://longbridge.com/en/quote/09888.HK.md) - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [01347.HK](https://longbridge.com/en/quote/01347.HK.md) - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [01024.HK](https://longbridge.com/en/quote/01024.HK.md) ## Related News & Research - [KUAISHOU-W Repurchases 441,000 Shares for HKD14.97M](https://longbridge.com/en/news/297063131.md) - [Baidu Announces Dual-Primary Listing on the Main Board of The Stock Exchange of Hong Kong Limited | BIDU Stock News](https://longbridge.com/en/news/297572494.md) - [Xiaomi says August vehicle deliveries stayed above 30,000 as Sky Nomad launch nears](https://longbridge.com/en/news/297580701.md) - [China’s AI Race Heats Up: Baidu Says Its AI Investments Could Pay Off as CFO Bets on Cloud Growth](https://longbridge.com/en/news/297652361.md) - [Xiaomi Auto launches global website, social channels ahead of 2027 Europe entry](https://longbridge.com/en/news/297026431.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**