<p>After seven consecutive rises, the Hong Kong stock market experienced a pullback. The Hang Seng Index opened 182 points lower this morning, at one point dropping 536 points, and closed at 27,469 points, down 498 points or 1.78%. The turnover was HKD 165.343 billion. The Tech Index fell 105 points or 1.8%, closing at 5,735 points.</p>
<p>There was selling pressure on tech stocks, with Meituan (3690) down 0.76%; JD.com (9618) down 1.39%; Tencent (700) down 1.52%; Baidu (9888) down 1.73%; Alibaba (9988) down 2.71%; Xiaomi (1810) down 2.73%; and NetEase (9999) rising 0.19% against the trend.</p>
<h2>New World Soared 11.8%</h2>
<p>According to Bloomberg, the Supreme Court of Panama ruled that the contract for CK Hutchison (001) to operate two ports in Panama is unconstitutional. CK Hutchison fell 4.37% in the first half of the day.</p>
<p>New World (017) is rumored to be taken over by U.S. private equity firm Blackstone, soaring 11.8% at one point this morning, reaching a high of HKD 12.45, and closing at HKD 11.54, up 3.68%. Chow Tai Fook (1929) fell 5.69%.</p>
<h2>Gold-Related Stocks Plummet</h2>
<p>Gold prices fell back to the USD 5,200 level, causing gold-related stocks to plummet. Zijin Mining (2899) fell 8.62%; Zijin Gold International (2259) fell 10%; Zhaojin Mining (1818) fell 8.9%; and Shandong Gold (1787) fell 12.9%. Additionally, China Silver Group (815) also fell by half a percent following the drop in silver prices.</p>
<p>New Oriental (9901) received favorable ratings from major institutions, rising 3.56% in the first half of the day, making it the best-performing blue chip. Sunny Optical (2382) rose 2% against the trend, as the company announced a profit warning, expecting to earn 70% to 75% more than last year.</p>
<p>CSPC Pharmaceutical (1093) partnered with AstraZeneca to develop innovative long-acting peptide drugs, with its stock price falling 12%.</p>
<p>———</p>
<p>0930: The divergent performances of Meta and Microsoft after earnings dragged down the market. The S&amp;P 500 closed down 9 points or 0.13%, at 6,969 points; the Nasdaq fell 172 points or 0.72%, at 23,685 points; the Dow Jones closed up 55 points or 0.11%, at 49,071 points; the Golden Dragon Index, reflecting the performance of Chinese concept stocks, rebounded 0.35%, at 7,919 points.</p>
<p>Meta closed up 10.4%, as the group’s revenue and profit exceeded expectations last year, and it projected full-year capital expenditures between USD 115 billion and USD 135 billion, exceeding expectations. In contrast, Microsoft plummeted nearly 10%, as the group also exceeded revenue and profit expectations, but its capital expenditures surged 66% to a record high last quarter. Other major tech stocks saw Tesla down 3.4%, NVIDIA up 0.52%, and Alphabet and Apple both up about 0.7%.</p>
<p>Gold prices experienced significant volatility, with spot gold nearing USD 5,600 on Wednesday, then dropping nearly 6% to USD 5,104. It later recovered most of the losses, rising back to around USD 5,330. Silver prices also fluctuated, with spot silver rising to a new high of USD 121.65 before falling over 8%, and recently recovering to around USD 115.</p>
<h2>ATM Opened 0.55% Lower to Nearly 2%</h2>
<p>In the Hong Kong stock market, the Hang Seng Index opened 182 points lower, at 27,785 points. Tech stocks generally declined, with Tencent (700) down 1.12%; Alibaba (9988) down 1.9%; and Meituan (3690) down 0.55%;
Xiaomi (1810) fell 1.14%; Baidu (9888) fell 1.22%.</p>
<p>New World (017) opened up 5.57%, reporting HKD 11.75. Bloomberg reported yesterday that New World’s controlling shareholder Chow Tai Fook Enterprises is in deep discussions with Blackstone regarding the potential sale of New World’s controlling stake. New World later announced that Chow has been approached by some potential investors regarding possible investments in New World. Chow Tai Fook (1929) opened down 1.5%.</p>
<p>Related article: New World rumored to change ownership, confirms contact with investors; Zheng Jiachun's family reportedly plans to sell controlling stake to U.S. firm Blackstone.</p>
<h2>Chalco partners with Rio Tinto to acquire stake in Brazilian aluminum business</h2>
<p>Zijin Mining (2899) opened down 3.51%. The company plans to issue USD 1.5 billion in zero-coupon convertible bonds, with net proceeds expected to be approximately USD 1.527 billion, intended for capital expenditures for the Areva project in Peru, with the remainder to be used for working capital and general corporate purposes. Zijin Gold International (2259) fell 5.96%; Zhaojin Mining (1818) fell 3.33%; Shandong Gold (1787) fell 4.35%; China Silver Group (815) fell 2.66%.</p>
<p>Chalco (2600) invested over RMB 4.2 billion to partner with Rio Tinto to acquire a stake in the Brazilian aluminum business. The stock opened down 3.32%.</p>
<p>Regarding the movement of northbound funds, on Thursday, net purchases of Hong Kong stocks amounted to HKD 4.374 billion. The Tracker Fund (2800), Tencent (700), and Xiaomi (1810) received net purchases of HKD 2.395 billion, HKD 800 million, and HKD 643 million, respectively; China Mobile (941), Zijin Mining (2899), and Alibaba (9988) faced net sales of HKD 646 million, HKD 377 million, and HKD 331 million, respectively</p>

<p>After seven consecutive rises, Hong Kong stocks retreated, with the Hang Seng Index opening down 182 points and falling as much as 536 points, closing at 27,469 points, down 498 points or 1.78%. The turnover was HKD 165.343 billion. The Tech Index fell 105 points or 1.8%. Meituan, JD, Tencent, Baidu, Alibaba, and Xiaomi all declined, while gold-related stocks such as Zijin Mining and Shandong Gold plummeted. New Oriental received positive ratings from major institutions, rising 3.56%. Sunny Optical issued a positive profit alert, rising 2% against the market trend. Meta and Microsoft's post-earnings performance weighed on the market</p>

- The Hong Kong market faced a decline after seven consecutive days of gains, with the Hang Seng Index dropping to 27,469 points, a decrease of 498 points or 1.78%.  
- Pressure on tech stocks was evident, with notable declines in Tencent, Alibaba, and Meituan, while New World Holdings rose momentarily amid reports of potential ownership changes.  
- Global fluctuations were also observed, with gold prices dropping to $5,200, impacting related stocks significantly, while Meta's stock rose due to strong earnings, contrasting with Microsoft's sharp decline post-results.

Stheadline

BIDU-SW

Us Gbl GLD & Met

Zijin Mining

SD GOLD

TENCENT

Tencent

Tencent Holdings Limited

Abrdn Precious Metals Basket ETF Trust

Xiaomi Corporation

XIAOMI-W

SPDR S&P Mtls & Mng

ZIJIN MINING

JD-SW

MEITUAN

iShares Silver Tr

VanEck Gold Miners ETF

Global X Silver Miner

GLOBAL X Gold Explorers

SPDR Gold Shares

ZIJIN GOLD INTL

SUNNY OPTICAL

The Hang Seng Index fell 498% in half a day, Zijin Mining dropped 10%, Shandong Gold fell 13%, and Alibaba and Xiaomi both dropped 2.7% | Hong Kong stock market opens