--- title: "HK Midday: Hang Seng Edges Up 62 Pts; Xiaomi Jumps 7% Post-Earnings; Chip & AI Stocks Tumble" type: "News" locale: "en" url: "https://longbridge.com/en/news/296300825.md" description: "Hang Seng rose 62 pts to 25,533 at midday; Hang Seng TECH fell 38 pts. Xiaomi surged nearly 7% on results, Baidu slid nearly 12% post-earnings, while chip & AI names sold off sharply. Chinese banks rallied across the board." datetime: "2026-08-19T04:18:27.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296300825.md) - [en](https://longbridge.com/en/news/296300825.md) - [zh-HK](https://longbridge.com/zh-HK/news/296300825.md) generator: "portal-rs" --- # HK Midday: Hang Seng Edges Up 62 Pts; Xiaomi Jumps 7% Post-Earnings; Chip & AI Stocks Tumble Hong Kong's three major indexes diverged at the midday close on August 19. The Hang Seng Index added **62 points** or **0.24%** to settle at **25,533**, while the Hang Seng TECH Index slid **38 points** or **0.81%** to **4,701**. The China Enterprises Index gained **52 points** or **0.62%** to **8,505**. Half-day turnover totalled approximately **HK$129.3 billion**. On the sector front, Chinese banking stocks powered ahead across the board. Xiaomi (01810.HK) surged nearly **7%**, Hong Kong & China Gas (00003.HK) jumped over **7%**, and Meituan (03690.HK) rose more than **3%**. Meanwhile, chip and AI-linked names suffered a broad sell-off, with Baidu (09888.HK) tumbling nearly **12%** following its earnings release, while China Unicom (00762.HK) and Huaneng Power (00902.HK) also slumped post-results. Select property stocks staged a rebound, with Zhenro Properties and Times China soaring over **20%** each. **Chinese Banks Rally Across the Board; ABC and ICBC Lead** At the midday break, Agricultural Bank of China (01288.HK) climbed **2.5%** to **HK$6.24**, Bank of China (03988.HK) rose **1.6%** to **HK$5.41**, Industrial and Commercial Bank of China (01398.HK) advanced **1.5%** to **HK$7.39**, and China Construction Bank (00939.HK) gained **1.3%** to **HK$9.08**. The sector attracted inflows on the back of high dividend yields and solid fundamentals, with the big-four state banks all posting active trading volumes. **Xiaomi Jumps Nearly 7% Post-Earnings; Gas Co. Surges 7%; Meituan Up Over 3%** At the midday close, Xiaomi Corp (01810.HK) rallied nearly **7%** to **HK$28.00**. The company reported a **20.3%** drop in Q2 profit to **HK$9.463 billion**, with gross margin narrowing to **19.8%**. Citi maintained a Buy rating, citing a better-than-expected smartphone outlook. Hong Kong & China Gas (00003.HK) surged over **7%** to **HK$7.28** after first-half net profit rose **23%** to **HK$3.64 billion**, with JPMorgan upgrading the stock. Meituan (03690.HK) advanced more than **3%** to **HK$88.20**. **Chip and AI Stocks Tumble Sharply; Hua Hong Plunges Nearly 13%** At the midday break, Hua Hong Semiconductor (01347.HK) cratered nearly **13%** to **HK$112.50**, SMIC (00981.HK) slumped **5.5%** to **HK$71.65**, and Kingsoft Cloud (03896.HK) shed **5%** to **HK$5.61**. A Wall Street Journal report highlighting massive off-balance-sheet debt at AI giants stoked earnings concerns, dragging the entire AI infrastructure sector lower. DBS maintained a Buy rating on SMIC with a target price raised to **HK$96**. **Baidu Slumps Nearly 12% Post-Earnings; Unicom and Huaneng Also Weaken** At the midday close, Baidu Inc (09888.HK) tumbled nearly **12%** to **HK$89.20** after reporting a **68%** plunge in Q2 net profit to **RMB2.32 billion**. Capital expenditure surged to **RMB11.4 billion** for AI infrastructure, raising concerns over capital efficiency. China Unicom (00762.HK) dropped nearly **8%** to **HK$5.78** as first-half net profit fell **34.6%**. Huaneng Power International (00902.HK) declined **6.1%** to **HK$5.35** after interim earnings slipped **28.3%** with no dividend declared. ### Related Stocks - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [09888.HK](https://longbridge.com/en/quote/09888.HK.md) - [01347.HK](https://longbridge.com/en/quote/01347.HK.md) - [03896.HK](https://longbridge.com/en/quote/03896.HK.md) - [01288.HK](https://longbridge.com/en/quote/01288.HK.md) - [01398.HK](https://longbridge.com/en/quote/01398.HK.md) - [03988.HK](https://longbridge.com/en/quote/03988.HK.md) ## Related News & Research - [Xiaomi Auto launches global website, social channels ahead of 2027 Europe entry](https://longbridge.com/en/news/297026431.md) - [Why Kingsoft Cloud stock is soaring today](https://longbridge.com/en/news/296379846.md) - [WeChat Pay HK Launches Shenzhen Departure Tax Refund Service](https://longbridge.com/en/news/297116910.md) - [What's Going On With Taiwan Semiconductor Stock Wednesday?](https://longbridge.com/en/news/297022161.md) - [Omdia: Southeast Asia Smartphone Shipments Fall 23% in 2Q26 to Lowest Level Since 2014 | TTGT Stock News](https://longbridge.com/en/news/297137263.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**