--- title: "HK Close: HSI Falls 370 Pts, Loses 24,000; AI Hardware Tumbles, Oil & Pork Stocks Buck Trend" type: "News" locale: "en" url: "https://longbridge.com/en/news/305432316.md" description: "HSI fell 370 pts, losing the 24,000 level; the tech index dropped 3%. AI hardware stocks plunged, tech giants broadly declined, while oil and pork stocks bucked the trend." datetime: "2026-11-13T08:22:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/305432316.md) - [en](https://longbridge.com/en/news/305432316.md) - [zh-HK](https://longbridge.com/zh-HK/news/305432316.md) generator: "portal-rs" --- # HK Close: HSI Falls 370 Pts, Loses 24,000; AI Hardware Tumbles, Oil & Pork Stocks Buck Trend ## Index Performance Hong Kong stocks extended losses on November 13, with all three major indices closing in the red. At the close, the Hang Seng Index dropped **370 points** or **1.55%** to **23,637.60**, losing both the 20-day moving average and the 24,000 mark; the Hang Seng Tech Index slid **118 points** or **3.00%** to **3,813**; the Hang Seng China Enterprises Index fell **119 points** or **1.50%**. Total market turnover for the day was approximately **HK$195.86 billion**. ## Market Overview Large-cap tech stocks were broadly lower, with Alibaba, Tencent and Xiaomi all falling more than 3%. AI hardware and semiconductor names led the decline — Kingboard Laminates tumbled over 8% and Yangtze Optical Fibre slumped over 7%. The new energy vehicle sector fell in unison. On the other side, oil stocks bucked the trend with gains, PetroChina rising nearly 3%; pork stocks attracted buying, with COFCO Joycome up nearly 3%; mainland bank stocks edged modestly higher. ## AI Hardware & Semiconductor Stocks Plummet At the close, Kingboard Laminates (01888.HK) dropped **8.25%** to HK$26.48, with turnover exceeding HK$2.8 billion; Yangtze Optical Fibre and Cable (06869.HK) fell **7.28%** to HK$88.50; Victory Giant Technology (02476.HK) plunged **13.46%** to HK$100.30; Hua Hong Semiconductor (01347.HK) slid **6.10%** to HK$72.30; SMIC (00981.HK) edged down 0.45% to HK$48.52, with turnover exceeding HK$7.6 billion. On the news front, OpenAI reportedly supports a bipartisan US congressional bill aimed at restricting China's access to high-end chips and manufacturing equipment. The legislative push has accelerated following the resignation of NVIDIA CEO Jensen Huang. NVIDIA's shares slumped this week, with funds rotating out of NVIDIA into rivals including AMD, Broadcom and TSMC, triggering market attention on potential shifts in the AI supply chain landscape. ## Large-Cap Tech Stocks Broadly Lower At the close, Alibaba (09988.HK) fell **3.47%** to HK$90.55, briefly dipping below the HK$90 mark, with the highest turnover on the Hong Kong market at HK$14.5 billion; Tencent (00700.HK) dropped **3.06%** to HK$386.60, with cumulative losses exceeding 10% over the past six trading days; Xiaomi (01810.HK) slid **3.74%** to HK$28.86; Meituan (03690.HK) declined **3.19%** to HK$69.80; Kuaishou (01024.HK) fell **4.50%** to HK$25.92; Baidu (09888.HK) lost **3.39%** to HK$74.20. Market concerns mounted over potential new US regulations restricting Chinese companies from accessing advanced AI chips through overseas data centres, stoking worries about constraints on Alibaba Cloud's business and intensifying selling pressure on Alibaba in the afternoon. Tencent is set to report Q3 results on November 18; CLSA lowered its 2026 and 2027 net profit forecasts for Tencent, citing concerns that AI investment may drag on profitability. ## New Energy Vehicle Sector Falls in Unison At the close, XPeng (09868.HK) dropped **5.14%** to HK$36.18; Li Auto (02015.HK) fell **4.79%** to HK$44.52; BYD Company (01211.HK) declined **3.78%** to HK$65.00; Geely Auto (00175.HK) slid **3.66%** to HK$13.41; Great Wall Motor (02333.HK) lost **3.08%** to HK$5.82. ## Oil Stocks Buck the Trend with Gains At the close, PetroChina (00857.HK) rose **2.79%** to HK$10.33, with turnover exceeding HK$1 billion; CNOOC (00883.HK) closed flat at HK$22.84. On the news front, Asian refiners are resuming crude oil purchases from the Middle East, with Japan, China and Thailand among those pivoting back to suppliers such as Saudi Arabia and the UAE, signalling a return to pre-conflict global oil trade patterns. ## Pork Stocks Attract Buying At the close, COFCO Joycome (01610.HK) gained **2.95%** to HK$1.22; WH Group (00288.HK) edged down 0.29% to HK$6.77. On the news front, the most-active live hog futures contract on the Dalian Commodity Exchange rose 2.38% to RMB 9,880 per tonne, hitting an intraday high of RMB 9,920, lifting the broader pork sector. ## Notable Movers Guoquan (02517.HK) tumbled **14.57%** to HK$1.055. The company's Q3 core operating profit fell more than 43% year-on-year to between RMB 30 million and RMB 40 million, with revenue edging slightly lower, despite online GMV growing over 50% and total store count reaching 12,142. Victory Giant Technology (02476.HK) plunged **13.46%** to HK$100.30, with turnover exceeding HK$800 million. Under broad pressure on the AI hardware sector, the stock's decline accelerated in the afternoon, with intraday losses topping 15% at one point. ## Top 10 by Turnover | Rank | Name | Ticker | Close | Change | Turnover | | ---- | ---------------------- | ------ | ------ | ------ | -------- | | 1 | Alibaba-W | 09988 | 90.55 | -3.47% | 14.487B | | 2 | Tencent | 00700 | 386.60 | -3.06% | 12.251B | | 3 | SMIC | 00981 | 48.52 | -0.45% | 7.647B | | 4 | Hua Hong Semiconductor | 01347 | 72.30 | -6.10% | 3.952B | | 5 | Xiaomi-W | 01810 | 28.86 | -3.74% | 3.186B | | 6 | Yangtze Optical Fibre | 06869 | 88.50 | -7.28% | 2.835B | | 7 | Kingboard Laminates | 01888 | 26.48 | -8.25% | 2.834B | | 8 | Lenovo Group | 00992 | 17.62 | -6.33% | 2.215B | | 9 | AIA | 01299 | 77.75 | -1.89% | 2.080B | | 10 | BYD Company | 01211 | 65.00 | -3.78% | 1.782B | ### Related Stocks - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [01024.HK](https://longbridge.com/en/quote/01024.HK.md) - [09888.HK](https://longbridge.com/en/quote/09888.HK.md) - [01888.HK](https://longbridge.com/en/quote/01888.HK.md) - [06869.HK](https://longbridge.com/en/quote/06869.HK.md) - [02476.HK](https://longbridge.com/en/quote/02476.HK.md) - [01347.HK](https://longbridge.com/en/quote/01347.HK.md) - [09868.HK](https://longbridge.com/en/quote/09868.HK.md) - [02015.HK](https://longbridge.com/en/quote/02015.HK.md) - [01211.HK](https://longbridge.com/en/quote/01211.HK.md) - [02333.HK](https://longbridge.com/en/quote/02333.HK.md) - [01610.HK](https://longbridge.com/en/quote/01610.HK.md) - [02517.HK](https://longbridge.com/en/quote/02517.HK.md) - [01299.HK](https://longbridge.com/en/quote/01299.HK.md) ## Related News & Research - [BYD considers building a battery factory in Portugal](https://longbridge.com/en/news/305003944.md) - [Earnings Report May Reshape The Case For Yangtze Optical Fibre And Cable Stock](https://longbridge.com/en/news/305305169.md) - [Li Auto's 6-seat electric flagship i9 tops 10,000 deliveries less than 2 months after launch](https://longbridge.com/en/news/305401155.md) - [Legal proceedings should establish whether the BYD Ti7 is a Copy of JLR’s Defender](https://longbridge.com/en/news/305542677.md) - [Analysts Just Shipped A Substantial Upgrade To Their Hua Hong Grace Semiconductor Limited (HKG:1347) Estimates](https://longbridge.com/en/news/305077018.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**