--- title: "Hong Kong Stock Market Review: The Hang Seng Index fell 1.82%, the Tech Index dropped 3.3%, with tech stocks, gold stocks, and chip stocks all declining. The AI big model \"duo\" MiniMax fell over 16%, and KNOWLEDGE ATLAS dropped nearly 10%" type: "News" locale: "en" url: "https://longbridge.com/en/news/290532730.md" description: "On June 23, Hong Kong stocks fluctuated downward, with the Hang Seng Index falling by 1.82% and the Tech Index dropping by 3.3%. Technology stocks generally declined, with Tencent and Alibaba both falling over 4%; AI large models MiniMax and Knowledge Atlas led the decline. Most chip stocks fell, while gold and domestic property stocks corrected. In terms of new stocks, Senior rose over 22% on its first day, while HJ Science plummeted by 56%. In individual stocks, REGINA MIRACLE issued a positive profit alert, CHINA HK POWER issued a profit warning, and KWG GROUP applied for a hearing delay" datetime: "2026-06-23T08:25:39.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290532730.md) - [en](https://longbridge.com/en/news/290532730.md) - [zh-HK](https://longbridge.com/zh-HK/news/290532730.md) --- # Hong Kong Stock Market Review: The Hang Seng Index fell 1.82%, the Tech Index dropped 3.3%, with tech stocks, gold stocks, and chip stocks all declining. The AI big model "duo" MiniMax fell over 16%, and KNOWLEDGE ATLAS dropped nearly 10% On June 23, after a slight rise at the opening, Hong Kong stocks maintained a fluctuating downward trend throughout the day. By the close, the Hang Seng Index fell 1.82% to 23,336.28 points, the Hang Seng TECH Index dropped 3.3% to 4,399.22 points, the National Enterprises Index decreased 1.96% to 7,759.36 points, and the Red Chip Index fell 1.79% to 3,888.68 points. On the market, large technology stocks generally declined, with Alibaba down 3.84%, Tencent down 4.2%, JD Group down 4.37%, Xiaomi Group down 4.64%, NetEase down 2.26%, Meituan down 3.33%, Kuaishou down 5.05%, and Bilibili down 6.11%. The "dual giants" of AI large models led the decline, with MiniMax dropping over 16% and Knowledge Atlas falling nearly 10%. Most chip stocks fell, with Lanqi Technology down over 12%, Zhaoyi Innovation down over 10%, SMIC down over 1%, and Hua Hong Semiconductor up 1%. Gold stocks continued to decline, with China Gold International down over 8%; domestic property stocks collectively adjusted, with Ronshine China down over 13%. Today, two new stocks were listed, with Senior rising over 22% on its first day and HJ Science plummeting 56% on its debut. **Individual Stock Dynamics** China Aircraft Leasing (01848.HK): Plans to purchase sixteen aircraft. The announcement states that the company's two wholly-owned special purpose entities have entered into agreements with the seller, China Aircraft Global Limited, and the transaction is expected to be completed on or before June 24, 2026. REGINA MIRACLE (02199.HK): Issued a profit warning, expecting a year-on-year increase of no less than 45% in net profit attributable to shareholders for the year ending March 31, 2026, mainly due to a significant increase in profits from its joint venture (Victoria's Secret China). Nanjing Holdings (01982.HK): For the year ending March 31, 2026, revenue is approximately HKD 4.6234 billion, a year-on-year increase of 6.2%; net profit is approximately HKD 300 million, a year-on-year decrease of 12.2%. CHINA HK POWER (00931.HK): Issued a profit warning, expecting a loss of approximately HKD 130 million to HKD 160 million for the year ending March 31, 2026. KWG GROUP (01813.HK): Requested a hearing to further postpone until December 14. China Construction Bank (core stock) (00939.HK): Completed the issuance of HKD 30 billion perpetual capital bonds. HuaiBei Green Gold Co., Ltd. (02450.HK): Planning to conduct business cooperation on a marble mine project located in Henan Province. Kejia Pharmaceutical-B (02171.HK): The National Medical Products Administration approved the new drug listing application for Claudin18.2 CAR-T cell therapy product, Kailimei®. Kangzhe Pharmaceutical (00867.HK): The application for the listing permit of the Class 1 new drug recombinant fully human bispecific antibody for rabies virus, Sileweimi monoclonal antibody injection, has been approved in China. Shijiazhuang Pharmaceutical Group (01093.HK): Its subsidiary, Shijiazhuang Pharmaceutical Innovation, has submitted its latest listing application to the Stock Exchange. Beisen Holdings (09669.HK): Plans to repurchase company shares worth HKD 150 million to HKD 200 million. Tencent Holdings (00700.HK): Spent HKD 500.6 million to repurchase 1.154 million shares at a repurchase price of HKD 428.6-438 Xiaomi Group-W (01810.HK): Spent approximately HKD 152 million to repurchase 6.42 million shares, repurchase price HKD 23.6-23.78. Li Auto-W (02015.HK): Spent approximately HKD 49.9625 million to repurchase 990,900 shares, repurchase price HKD 49.82-50.75. **Institutional Strategies** Huatai Securities: For Hong Kong stocks overall, the central reversal still depends on the progress of major AI companies and the catalyst of consumer recovery. The current timing is not yet suitable, but the previously expected short-term technical rebound has also been suppressed by the ever-increasing short-selling power, showing clear characteristics of a "one-day tour" rebound. Looking ahead, short-term attention should be paid to high short-selling and marginal improvement in profit expectations, such as media (core stocks) and innovative drugs. Guosheng Securities: In terms of securities, the A-share market has been actively trading, providing solid support for the upward trend of the industry’s fundamentals. The current sector valuations are at historical bottom levels, making the sector allocation cost-effective. In terms of insurance, since April, the A-share market has significantly warmed up, and the certainty of subsequent investment income recovery has increased. The current valuation of the insurance sector is still at historical lows, with ample room for recovery, and we are optimistic about the left-side allocation value of the insurance industry. Guoxin Securities: From a medium to long-term perspective, the interest rate hike expectations triggered by oil prices and the capital siphoning in the AI sector have not undermined the macro narrative of gold's rise. The supporting points for gold, such as the global debt crisis, de-dollarization trends, central bank strategic gold purchases, and the normalization of geopolitical risks, remain intact. 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