"Hong Kong Stocks" Hang Seng Index down 109 points in half a day, software and internet stocks under pressure, Kingdee down over 14%

The market is concerned about the AI models of Alphabet (GOOGL.US) and Anthropic threatening the survival space of the software industry, leading to pressure on U.S. software stocks. Hong Kong stocks opened lower, dragged down by related shares. The Hang Seng Index opened down 37 points, initially rising 64 points to 26,899 points before turning downwards, at one point dropping 241 points to a low of 26,593 points, closing down 109 points or 0.4% at 26,724 points; the Hang Seng China Enterprises Index fell 48 points or 0.5% to 9,004 points; the Hang Seng Tech Index dropped 119 points or 2.2% to 5,347 points. The total turnover of the market for the half-day was HKD 151.41 billion.

The software and tech application sectors were hit hard, with Tencent (00700.HK) and Bilibili (09626.HK) down 3.4% and 4.9%, Meitu (01357.HK) and Xindong (02400.HK) down 12.1% and 6.8%, and travel platforms Tongcheng (00780.HK) and Trip.com (09961.HK) down 2.5% and 6.1%. Kuaishou (01024.HK), Meituan (03690.HK), NetEase (09999.HK), and Baidu (09888.HK) each fell over 2%. Kingdee (00268.HK) dropped 14.5%, while Chinasoft (00354.HK), Weimob (02013.HK), Kingsoft (03888.HK), and Kingsoft Cloud (03896.HK) fell between 5.7% and 7.3%. Under the expectation of AI writing AI, AI stocks were also affected, with CloudWalk (09678.HK) and MINIMAX (00100.HK) down 9.4% and 7.8%, and Paradigm Intelligence (06682.HK) and Zhihui (02513.HK) down over 6%.

In other tech stocks, Alibaba (09988.HK) and JD.com (09618.HK) fell 0.9% and 1.5%, while chip stocks SMIC (00981.HK) dropped 2.8%, and Hua Hong (01347.HK) and Naura (02676.HK) fell 5.2% and 6.5%. Mobile component stocks GoerTek (01415.HK) and Lens Technology (06613.HK) dropped 5.9% and 5.5%, while Q Technology (01478.HK) fell 3.8%. Fiber optic cable stock Changfei (06869.HK) retreated 4.2%.

Gold and silver prices continued to rebound, with China Gold International (02099.HK) and Zhaojin (01818.HK) rising over 1%, while China Silver (00815.HK) fell 1.5%. Resource stock Minmetals Resources (01208.HK) rose 4.2%. The mainland raised refined oil prices, and the U.S. reportedly shot down an Iranian drone, leading oil stocks Sinopec (00386.HK), PetroChina (00857.HK), and CNOOC (00883.HK) to rise 1.1% to 1.5%. Yancoal Energy (01171.HK) listed the transfer of Xintai Coal with the highest bid of 3.05 billion RMB, boosting its stock price by 8.9% Peer companies Shougang Resources (00639.HK) and Shenhua (01088.HK) rose over 5%, while China Coal (01898.HK) increased by 7.9%.

In the automotive sector, BYD (01211.HK) fell by 0.6%, Xiaomi (01810.HK) dropped by 2.6%, and Li Auto (02015.HK) rose by 3.4%. In the smart driving sector, Xiaoma Zhixing (02026.HK) is expected to narrow its net loss last year to between USD 69 million and USD 86 million, with its stock price down by 2.8%. In the lithium sector, Ganfeng (01772.HK) decreased by 4.8%. In the pharmaceutical sector, CSPC (01093.HK), Kingsoft (01548.HK), WuXi AppTec (02268.HK), and Junshi Biosciences (01877.HK) fell over 3%, while Yinxin (09606.HK) dropped by 4.2%.

In the financial sector, HSBC (00005.HK) and Hong Kong Exchanges and Clearing (00388.HK) fell by 0.4% and 1%, respectively, while AIA (01299.HK) rose by 0.7%. In the domestic property sector, Yuexiu Property (00123.HK), China Overseas (00688.HK), Jinmao (00817.HK), Vanke (02202.HK), Greentown (03900.HK), and R&F Properties (01109.HK) increased by 3.1% to 4%, while Sunac (01918.HK) rose by 7%. In other stocks, airline stocks China Southern Airlines (01055.HK) and China Eastern Airlines (00670.HK) rose by 6.1% and 7.2%, respectively, while Air China (00753.HK) increased by 4.6%. Export stock Techtronic Industries (00669.HK) rose by 5.1%