HK Midday: Hang Seng Down 64 Pts; Meituan Tumbles Pre-Earnings, Kingboard Soars

Hong Kong's three major indexes traded lower at the midday close on August 25. The Hang Seng Index fell 64 points to 25,453, while the Hang Seng Tech Index dropped 34 points to 4,559. Half-day turnover reached approximately HK$126.7 billion, with short-selling amounting to HK$26.7 billion, accounting for 24% of total short-sellable turnover.

On the stock front, the Kingboard group surged after earnings — Kingboard Laminates soared over 11% and Kingboard Holdings jumped more than 10%. Property stocks staged a broad rebound, with Country Garden rallying nearly 6%. WuXi Biologics bucked the trend with a gain of over 6%, while Yangtze Optical Fibre surged more than 14%. On the downside, Meituan tumbled nearly 6% ahead of its results release, and gold miners fell across the board, with Lingbao Gold and Wanguo Gold both plunging over 7%.

Kingboard Group Surges Post-Earnings; Kingboard Laminates Up Over 11%

At the midday break, Kingboard Laminates (01888.HK) jumped over 11% to HK$38.98, while Kingboard Holdings (00148.HK) rallied more than 10% to HK$50.35. The rally came after Kingboard Laminates reported interim results, with several major brokerages raising their target prices, fueling strength across both Kingboard names.

Property Stocks Broadly Rebound; Country Garden Up Nearly 6%

As of the midday close, Country Garden (02007.HK) gained nearly 6% to HK$0.196, with half-day turnover reaching HK$936 million, the highest across the market. Sunac China (01918.HK) rose over 5% to HK$0.575, Cifi Holdings (00884.HK) climbed more than 5%, and Shimao Group (00813.HK) advanced over 3%.

Meituan Tumbles Nearly 6% Ahead of Earnings; Gold Miners Sink

Meituan (03690.HK) plunged nearly 6% to HK$77.85 ahead of its earnings release, marking a four-day losing streak. Its investee Unitree Technology saw its share price halved from peak levels, slashing Meituan's paper gains on the investment from over HK$33.3 billion to approximately HK$18.3 billion. In the gold sector, international gold prices retreated from highs, with Lingbao Gold (03330.HK) falling over 7%, Wanguo Gold (03939.HK) dropping more than 7%, and Zijin Mining (02899.HK) down over 4%.

WuXi Biologics Up Over 6%; Yangtze Optical Fibre Surges Over 14%

The WuXi group bucked the broader market weakness, with WuXi Biologics (02269.HK) gaining over 6% to HK$51.65. Yangtze Optical Fibre (06869.HK) surged more than 14% to HK$160.70. Mainland Chinese banks edged mildly higher, with Bank of China (03988.HK) rising over 1%, while Agricultural Bank of China and China Construction Bank posted modest gains.