"Hong Kong Stocks" Hang Seng Index down 916 points in half a day, mobile and pharmaceutical stocks under pressure, Xiaomi down over 7%

U.S. President Trump threatened to impose a 100% tariff on Chinese goods, causing turmoil in the U.S. stock market, with the Nasdaq Golden Dragon China Index falling 6.1% last Friday (10th). The Chinese Ministry of Commerce stated that export controls on rare earths would allow applications that meet the requirements to be approved. Trump later posted to soothe market sentiment, leading to a rebound in U.S. stock futures. The Hong Kong stock market opened lower, with the Hang Seng Index down 656 points, later narrowing its losses to 407 points at 25,883 points. Before noon, the losses widened again, closing down 916 points or 3.5% at 25,374 points; the National Index fell 325 points or 3.5% to 9,032 points; the Hang Seng Tech Index dropped 284 points or 4.5% to 5,975 points, with a total market turnover of HKD 281.821 billion.

Stocks significantly affected by tariffs faced selling pressure, with mobile component stocks such as Gao Wei (01415.HK) and BYD ELECTRONIC (00285.HK) down 7.1%, while Sun Yat-sen (02382.HK), AAC Technologies (02018.HK), and Qiu Tai (01478.HK) fell over 8%, and Lens Technology (06613.HK) dropped 9.5%. PC manufacturer Lenovo Group (00992.HK) fell 6.4%.

Pharmaceutical stocks FOSUN PHARMA (02196.HK) and GENSCRIPT BIO (01548.HK) fell over 5%, while Innovent Biologics (01801.HK), WuXi AppTec (02359.HK), WuXi Biologics (02269.HK), and Kanglong Chemical (03759.HK) dropped 7.6% to 9.5%. Solar stocks such as Xinte Energy (01799.HK), GCL-Poly Energy (03800.HK), Xinyi Glass (00868.HK), and Xinyi Solar (00968.HK) fell 5.7% to 7.2%, with Flat Glass Group (06865.HK) down 8.4%.

In addition, Techtronic Industries (00669.HK) also fell 4.5%. Commodity stocks such as Chalco (02600.HK), China Molybdenum (03993.HK), and Jiangxi Copper (00358.HK) dropped 4.8% to 6.2%, while Zijin Mining (02899.HK) fell 3.6%. Travel-related stocks were under pressure, with Air China (00753.HK), Trip.com (09961.HK), and Tongcheng (00780.HK) down 4.3% to 5.2%, and casino stocks Melco International (00200.HK) and Sands China (01928.HK) down 5.4% and 6.1%. Hong Kong Travel (00308.HK) proposed a distribution of its travel real estate business, with an optional cash dividend of HKD 0.336, leading to a 10.5% increase in its stock price to HKD 1.69.

In the tech sector, Tencent (00700.HK) and Meituan (03690.HK) fell 4.1% and 4.0%, while Alibaba (09988.HK), Baidu (09888.HK), and JD.com (09618.HK) dropped 5.5% to 6%. Kuaishou (01024.HK) and Bilibili (09626.HK) fell 6.9% and 7.2% JD Health (06618.HK), New Oriental (09901.HK), and Alibaba Health (00241.HK) fell by 4.5% to 4.7%, while SenseTime (00020.HK), Weimob (02013.HK), and GDS Holdings (09698.HK) dropped by 6% to 7%. The domestic substitution concept supported chip stocks, with SMIC (00981.HK) down 0.3% and Hua Hong (01347.HK) rising 3.6%. Chip equipment stocks ASMPT (00522.HK) fell by 5.3%. The Ministry of Commerce announced that the attachment is in WPS format, and Kingsoft (03888.HK) surged 10.1% against the trend.

In the automotive sector, BYD (01211.HK), Chery (09973.HK), Chang'an Automobile (02333.HK), and Li Auto (02015.HK) fell by 4.4% to 4.9%, while Leapmotor (09863.HK) dropped 5.5%. XPeng (09868.HK) and Nio (09866.HK) fell over 6%. Domestic media reported that Xiaomi (01810.HK) did not pass the completion acceptance for the second phase of its smart manufacturing industrial base, the Xiaomi SU7 R&D complex, leading to a 7.8% drop in stock price. Horizon Robotics (09660.HK) fell 4.2%, automotive radar system provider Hesai (02525.HK) dropped 6.1%, battery stock CATL (03750.HK) fell 1.2%, and automotive agency Zhongsheng (00881.HK) dropped 6.5%.

In the financial sector, HSBC (00005.HK) fell 2.1%, while Hong Kong Exchanges and Clearing (00388.HK), AIA (01299.HK), and FWD Group (01828.HK) dropped by 4% to 4.9%. The mainland stock market declined, with China Pacific Insurance (02601.HK), PICC Property and Casualty (02328.HK), Ping An Insurance (02318.HK), ZhongAn Online (06060.HK), China Life (02628.HK), and People's Insurance Company (01339.HK) falling by 3.7% to 4.2%. Among brokerage stocks, CITIC Securities (06066.HK), Huatai Securities (06886.HK), GF Securities (01776.HK), CITIC Construction Investment (06030.HK), and China Galaxy Securities (06881.HK) fell by 4% to 5%, while CICC (03908.HK) dropped 6.4%