--- title: "HK Stocks Close (Oct 23) | Hang Seng Index Rises 0.69% to Reclaim 23,000; AI Supply Chain, Robotics, and Lithium Battery Stocks Stage Strong Relief Rally" type: "News" locale: "en" url: "https://longbridge.com/en/news/302846093.md" description: "On October 23, Hong Kong's three major indices closed higher, with the Hang Seng Index reclaiming the level above 23,000 points. Affected by the sharp decline in US tech stocks overnight, the Hang Seng Index fluctuated in the morning session before rebounding in the afternoon. Stocks in the AI supply chain, robotics, and lithium battery sectors staged a strong relief rally. Blue-chip stocks such as BYD Company delivered standout performances. Industrial Securities recommended capitalizing on the short-term rebound while waiting for catalysts in the medium to long term" datetime: "2026-10-23T08:34:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/302846093.md) - [en](https://longbridge.com/en/news/302846093.md) - [zh-HK](https://longbridge.com/zh-HK/news/302846093.md) generator: "portal-rs" --- # HK Stocks Close (Oct 23) | Hang Seng Index Rises 0.69% to Reclaim 23,000; AI Supply Chain, Robotics, and Lithium Battery Stocks Stage Strong Relief Rally Zhitong Finance APP learned that despite a broad and sharp decline in US tech stocks overnight, Hong Kong stocks opened higher in the morning session. The Hang Seng Index once fell back to 22,803.77 points before fluctuating and recovering. In the afternoon, gains across the three major indices widened, with the Hang Seng Index returning above the 23,000-point mark and the Hang Seng Tech Index rising more than 2%. At the close, the Hang Seng Index rose 0.69%, or 158.69 points, to 23,093.37 points, with full-day turnover reaching HK$249.784 billion. The Hang Seng China Enterprises Index rose 0.87% to 7,756.25 points, while the Hang Seng Tech Index gained 2.05% to 3,871.66 points. For the week, the Hang Seng Index accumulated a loss of 4.52%, the China Enterprises Index dropped 4.58%, and the Hang Seng Tech Index fell 5.76%. Industrial Securities believes that earnings, valuations, and capital flows have not yet resonated, meaning conditions for a reversal at the index level are still insufficient. Regarding allocation strategy, the firm suggests seizing short-term rebound and structural opportunities, while waiting for catalysts in the medium to long term. The bank pointed out that high-dividend stocks still hold value as core holdings, and upward revisions to earnings expectations are a key clue for structural opportunities. Investors should subsequently focus on the value transformation of the "New Hang Seng Tech" sector and patiently await valuation repair under the "tailwind" of liquidity. ## **Blue-Chip Stock Performance** **BYD Company (01211) delivered a standout performance.** At the close, it rose 6.23% to HK$71.6, with turnover reaching HK$3.66 billion. Citigroup recently released a research report stating that three factors help establish a valuation floor for BYD Company and may create covering pressure on short positions in the market. These include the elimination of policy uncertainty; limited downside risk for Western European exports in fiscal year 2027; and a less pessimistic outlook for both export and domestic markets in fiscal year 2027. Among other blue-chip stocks, Aluminum Corporation of China (02600) rose 6.97% to HK$7.14; China Hongqiao (01378) gained 5.55% to HK$19.02; CATL (03750) increased 5.44% to HK$356.8; and Bank of China (Hong Kong) (02388) fell 1.57% to HK$48.88. ## **Hot Sectors** In terms of market performance, the AI supply chain staged a strong reversal, with computing power hardware and large model stocks rising. Robotics concept stocks exploded: Wuyi Shijie was recently selected into Nvidia's Halos SAFE ecosystem, causing its stock price to surge 30%, while Zhaowei Machinery & Electronics continued to rise 16.44%. Auto stocks and lithium battery stocks rose across the board, with BYD Company up 6.23%. Consumer stocks generally warmed up, with Bloks rising 12.64%. Aluminum stocks strengthened collectively, with Aluminum Corporation of China up 6.97%. On the other hand, spot gold briefly fell below $4,000 today, leading to divergent trends in gold stocks, with Zijin Gold International down 1.14%. **AI hardware stocks rebounded in the afternoon.** At the close, Kingboard Laminates (03228) rose 8.63% to HK$64.2; GigaDevice (03986) gained 8.62% to HK$347.8; Victory Giant Technology (02476) rose 4.93% to HK$149; and Zhongji Innolight (03308) increased 4.21% to HK$754.5. At midday on October 23, Zhongji Innolight, Eoptolink, and Tianfu Communication jointly issued operational updates to stabilize confidence. Zhongji Innolight stated that its production and operations were normal, the supply chain was stable, capacity utilization was sufficient, and customer order demand was strong, with downstream demand remaining highly prosperous and order books full. Notably, as market concerns about the AI hype intensified recently, global tech stocks faced significant selling pressure. JPMorgan stated in its latest research report that the recent sell-off in AI-related stocks may be nearing its end. **Humanoid robot concept stocks surged.** At the close, Wuyi Shijie (06651) soared 30.31% to HK$65; Siwork (06106) jumped 24.91% to HK$66.95; Zhaowei Machinery & Electronics (02692) rose 16.44% to HK$39.8; and Laifu Harmonic Drive (03952) gained 15.33% to HK$31.14. Unitree Technology hit the 20% limit up in the afternoon, pushing its total market capitalization back above RMB 250 billion and directly igniting sentiment in both mainland and Hong Kong markets. Wang Xingxing, Chairman, General Manager, and CTO of Unitree Technology, stated at the 2026 World Physical AI Conference and Unitree Partner Ecosystem Conference on October 22 that the "ChatGPT moment" for embodied intelligence could arrive as early as next year. Meanwhile, advancements by GPT-6 and Gemini 4 in robot planning, spatial perception, and Real-to-Sim modeling are expanding the scope for general large models to participate in robot development and training. On the hardware front, domestic complete machine manufacturers and Optimus are accelerating mass production ramp-ups, and Tesla is expected to release Optimus V3 in the fourth quarter, bringing industry development into a new phase. **Auto and lithium battery stocks rose.** At the close, XPeng Inc.-W (09868) rose 5.10% to HK$37.12; NIO-SW (09866) gained 4.11% to HK$26.32; Li Auto-W (02015) increased 3.92% to HK$45.08; and CATL (03750) rose 5.44% to HK$356.8. According to an analysis by the China Association of Automobile Manufacturers, auto exports continued to grow at a high speed in September, with both passenger and commercial vehicle exports increasing month-on-month and year-on-year. The share of new energy vehicle exports exceeded 50% for four consecutive months. From January to September, China's auto exports reached 8.205 million units, a year-on-year increase of 65.8%, with annual auto exports expected to exceed 10 million units this year. Furthermore, Huaxi Securities stated that the lithium battery sector has undergone sufficient adjustment, with market doubts about demand growth in the second half of the year and next year gradually reflected in stock prices. As market expectations repair in the future, the preferred choice is CATL, the lithium battery leader with a solidified moat and advantageous positions in the upstream and downstream supply chains. **Consumer stocks showed signs of recovery.** At the close, Bloks (00325) rose 12.64% to HK$61.5; Mao Geping (01318) gained 6.53% to HK$47.62; China Tobacco Hong Kong (06055) increased 4.60% to HK$26.38; and Shenzhou International (02313) rose 4.46% to HK$37.04. On October 23, a representative from the Department of Consumption Promotion of the Ministry of Commerce stated that in the first three quarters of 2026, the role of consumption as the "main engine" of China's economy continued to consolidate, with the advantages of its super-large-scale market becoming increasingly prominent. In the first three quarters, the contribution rate of final consumption expenditure to economic growth was 46.7%, 0.7 percentage points higher than in the first half of the year, driving GDP growth by 2.1 percentage points and maintaining its position as the primary driver of economic growth. CITIC Securities stated that some consumer sectors currently have low institutional holdings, low valuations, high dividends, and potential policy expectations, presenting phased allocation opportunities. ## **Notable Movers** **MINIMAX-W (00100) showed strong momentum. At the close, it rose 16.74% to HK$187.6.** On October 23, MiniMax open-sourced its M3.1 Flash model, which processed over 100 trillion tokens within 72 hours of launch. Compared to the previous generation M3 model, the M3.1 Flash model achieved comprehensive improvements in capabilities and reduced usage costs by 70%. **Kingdee International (00268) rose significantly. At the close, it gained 7.33% to HK$9.23.** In the first three quarters, Kingdee International signed AI-native product contracts worth RMB 1.002 billion. By the end of September, its subscription Annual Recurring Revenue (ARR) was approximately RMB 4.604 billion, a year-on-year increase of about 19.3%. Net new ARR in the third quarter increased by approximately 46.9% year-on-year. The Net Dollar Retention (NDR) rates for Kingdee AI Galaxy, Kingdee AI Cloud, and Kingdee AI Star were 101%, 97%, and 95%, respectively. **Pony.ai-W (02026) rose in the afternoon. At the close, it increased 5.88% to HK$39.64.** Pony.ai announced the signing of a memorandum of understanding with global mobility and delivery platform inDrive and Nvidia to jointly promote the implementation of autonomous driving mobility products and applications. Kazakhstan will be the first pilot market for this cooperation, marking Pony.ai's first expansion of its global business footprint into Central Asia. **Changgao Mei Group (08371) plunged. At the close, it fell 23.66% to HK$1.565.** On October 22, the Hong Kong Securities and Futures Commission (SFC) announced that it had commenced proceedings against eight individuals, including Chairman Huang Yishan and CEO Chen Huizhen, for alleged stock price manipulation to facilitate the company's transfer from the GEM Board to the Main Board. 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