--- title: "The Hang Seng Index fell 26 points in the half-day session, China Life dropped 5%, storage concept stocks were sold off, and GIGADEVICE fell by more than 10% after the lock-up period ended ｜ Hong Kong Stock Market Midday" type: "News" locale: "en" url: "https://longbridge.com/en/news/292437458.md" description: "The Hong Kong Hang Seng Index fell 26 points in the half-day session, with a turnover of HKD 177.3 billion. CHINAHONGQIAO rose over 3% to lead blue-chip gains, while China Life dropped 5% to the bottom. Storage concept stocks were sold off due to expectations from SK Hynix, with XL2CSOPHYNIX plummeting over 26%, and GIGADEVICE dropping more than 10% after its lock-up period ended. BASICSEMI rose nearly 11% against the trend due to expectations of price adjustments in AI and new energy vehicles. Large model stocks showed divergence, with KNOWLEDGE ATLAS slightly up, while MiniMax plummeted over 14%. ZHIDA TECH rose over 11%" datetime: "2026-07-13T04:48:18.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/292437458.md) - [en](https://longbridge.com/en/news/292437458.md) - [zh-HK](https://longbridge.com/zh-HK/news/292437458.md) --- # The Hang Seng Index fell 26 points in the half-day session, China Life dropped 5%, storage concept stocks were sold off, and GIGADEVICE fell by more than 10% after the lock-up period ended ｜ Hong Kong Stock Market Midday The Hang Seng Index opened 17 points lower this morning, then briefly rose over 270 points, reaching a high of 24,449 points. However, it later lost all gains, closing down 26 points or 0.11% at 24,148 points, with a turnover of HKD 177.311 billion. The Hang Seng Tech Index also fell 38 points or 0.81%, closing at 4,683 points. ## CHINAHONGQIAO Rises Over 3% in Half-Day Trading, Leading Blue Chips Among blue-chip stocks, CHINAHONGQIAO (1378) rose 3.28% after a profit alert, reporting HKD 21.42 at noon, making it the best-performing blue chip. The company expects a year-on-year net profit growth of about 39% in the first half of the year, mainly benefiting from the increase in sales prices of aluminum alloy products compared to the same period last year. In contrast, China Life (2628) fell 5% in half-day trading, making it the worst-performing blue chip. ## Southbound Double Long SK Hynix Plummets Over 26% Hong Kong's storage and chip concept stocks were significantly pressured, mainly due to Korea Investment & Securities predicting that SK Hynix's operating profit for the second quarter would be KRW 60.4 trillion. Although this represents a year-on-year increase of 556%, it is still 8% lower than market expectations, dragging down SK Hynix's stock price. Southbound Double Long SK Hynix (7709) plummeted over 26% in half-day trading, reporting HKD 65.66, with a turnover of up to HKD 10.74 billion. GigaDevice (3986), which had its shares unlocked today, also fell over 10%, reporting HKD 662; Lanke (6809) also dropped over 5%. However, BASICSEMI (9971) rose nearly 11% against the trend, reporting HKD 39 in half-day trading. The company stated that due to the rapid development of global AI and new energy vehicles, it plans to adjust the prices of some products starting in the third quarter, with increases not exceeding 25%, stimulating the stock price to rise over 21% at one point. ## Divergence Among Large Model Giants, MiniMax Drops 14% The performance of large model stocks continues to diverge. KNOWLEDGE ATLAS (2513) rose over 11% in early trading, but the gain later narrowed to 1.16%, reporting HKD 1,659 in half-day trading. The founder of KNOWLEDGE ATLAS, Tang Jie, sent an internal letter over the weekend explaining the company's understanding of the next stage of AGI competition; JP Morgan also raised its target price to HKD 2,400. In contrast, MiniMax (100) plummeted 14.22%, reporting HKD 230.4 in half-day trading, with an intraday low of HKD 220.2. ## ZHIDA TECH's Joint Venture Launch Rises Over 11% In other individual stocks, ZHIDA TECH (2650) rose 11.6%, reporting HKD 25.78, as the market focused on its joint venture established with Ningbo High-tech Zone and the establishment of a production base for charging robots with an annual output of 10,000 units. ## Different Group Collaborates with Cao Cao Mobility Different Group (6090) signed a strategic cooperation framework agreement with Cao Cao Mobility (2643) to explore child-friendly mobility services, with its stock price rising 9.59% to HKD 32.9 in half-day trading; however, Cao Cao Mobility's stock price fell over 4.7%. ## Valiant Pharmaceuticals' Drug Listing Application Receives Priority Review ## Valiant Pharmaceuticals (9887) surged 24.1% in half-day trading, reporting HKD 61.95. The company's self-developed PD-L1/4-1BB bispecific antibody, VeliXin, has had its listing application included in the priority review process The mutual attacks between the US and Iran escalated over the weekend, leading to the closure of the Strait of Hormuz again yesterday, which heightened tensions and stimulated international oil prices to rise this morning. New York crude oil once rose nearly 4% to $74.21, while Brent crude oil also rose over 3.8% to $78.96; gold prices, on the other hand, fell, with spot gold prices dropping over 1% to $4,075. Analysts suggest that the escalation of the situation in the Middle East may trigger some volatility this week, with the Hang Seng Index likely fluctuating between 23,800 and 24,000 points in the short term. ## South Korea's Central Bank Supports Semiconductors, Korean Stocks Still Down Over 3% In the Asia-Pacific stock market, the Bank of Korea reported that the global semiconductor market remains in short supply, and the AI-driven supercycle is expected to continue for some time, attempting to dispel investors' concerns about the peak of the chip cycle. However, Korean stocks still fell this morning, dropping over 3.3% to 7,223 points; focus stock SK Hynix (Korean: 000660) fell over 8%, and Samsung Electronics (Korean: 005930) dropped about 3.8%. Additionally, Japanese stocks also fell over 1% to 67,804 points this morning. ## China Hongqiao Reports Positive Earnings, Opens Nearly 3% Higher In the Hong Kong stock market, the Hang Seng Index opened down 17 points at 24,157 points this morning. Among blue-chip stocks, China Hongqiao (1378) reported positive earnings, expecting to earn about 39% more in the half-year, with its stock price opening 2.7% higher, performing the best; Hansoh Pharmaceutical (3692) also rose 2.6%. Major tech stocks showed mixed developments, with Alibaba (9988) opening up 0.5%; Tencent (700) up 0.7%; Meituan (3690) down 0.8%; Xiaomi (1810) unchanged; JD.com (9618) down 0.2%. ## GigaDevice Unlocks Shares, Stock Price Drops Nearly 12% In individual stock news, GigaDevice (3986) faced a share unlock today, involving about 14.39 million shares, with an estimated unlock market value of about HKD 10.69 billion based on last Friday's closing price. The stock opened at HKD 654, dropping nearly 12%. ## BASICSEMI Announces Price Increases for Products BASICSEMI (9971) announced that starting from the third quarter, it will moderately adjust the sales prices of some products to support ongoing R&D investments, ensure product quality, and maintain supply stability, with some products expected to see price increases of up to 25%. The stock opened at HKD 35.82, rising 1.8%. ## XunCe Partners with Italian AI Company XunCe (3317) announced that it has signed a strategic cooperation memorandum with the Italian digital and AI service company Lutech to jointly develop AI transformation solutions for the European market, promote the commercialization of AI Token factories in Europe, and co-build a cross-border innovation ecosystem centered on AI and secure data infrastructure. The stock opened at HKD 89.45, unchanged. ## KNOWLEDGE ATLAS Launches "Touch High Plan" Additionally, KNOWLEDGE ATLAS (2513) founder Tang Jie stated in an internal letter that as the industry accelerates commercial monetization, the company has decided to break through upwards, naming the relevant strategy the "Touch High Plan," directly targeting Artificial General Intelligence (AGI) as the next high ground, and will focus future investments on four core engines The stock opened at 1720 HKD, up 4.88%. Related article: KNOWLEDGE ATLAS internal letter reveals Touch High strategy directly pointing to AGI as the next high ground "not reaching the top is a failure" ## Hang Seng Index may fluctuate between 23800 and 24000 ZhiYao Securities Research Department Director Zhi Yao Hui stated that the escalation of the Middle East situation may cause fluctuations early this week, but such geopolitical events are not new. If oil prices do not fluctuate significantly, the impact on Hong Kong stocks will be limited and short-lived; additionally, the rise of Hong Kong stocks since July has indeed been faster than expected, and a consolidation in the short term cannot be ruled out, with the Hang Seng Index likely fluctuating between 23800 and 24000 points. Chief Financial Analyst of GaoGe Securities Nie Zhen Bang also pointed out that the market's sensitivity to the Middle East conflict has significantly decreased compared to March. It is expected that Hong Kong stocks will adjust today, with a relatively mild extent, and if the Hang Seng Index can stabilize at 24000 points by the close, the trend for this week remains optimistic. ## The enthusiasm for new stocks has significantly weakened compared to the past On the other hand, the new stock market in Hong Kong has slowed down. Zhi Yao Hui indicated that the recent enthusiasm and performance for new stock subscriptions have significantly weakened compared to the past, and the market's focus has shifted to the unlocking of semi-new stocks. Therefore, even if the new stock market pauses, there may not be a significant inflow of primary market funds back to the secondary market; instead, it is possible that some profit-taking funds will exit first, waiting to increase allocation after the stocks adjust. In terms of data, the mainland's second-quarter GDP, June's "three driving forces," and import and export data will be released this week. Nie Zhen Bang stated that if the multiple data released throughout the week are generally weaker than expected, the market may become concerned about the economic outlook for the mainland in the third quarter, thereby increasing downward pressure on Hong Kong stocks. Looking ahead to this week, in addition to the mainland, the U.S. June CPI, PPI, and core retail data will also be released this week, and the related data may affect the future interest rate trends of the U.S. Federal Reserve ### Related Stocks - [02650.HK](https://longbridge.com/en/quote/02650.HK.md) - [02513.HK](https://longbridge.com/en/quote/02513.HK.md) - [01378.HK](https://longbridge.com/en/quote/01378.HK.md) - [00HSI.HK](https://longbridge.com/en/quote/00HSI.HK.md) - [02628.HK](https://longbridge.com/en/quote/02628.HK.md) - [00100.HK](https://longbridge.com/en/quote/00100.HK.md) - [09971.HK](https://longbridge.com/en/quote/09971.HK.md) - [601628.CN](https://longbridge.com/en/quote/601628.CN.md) - [603986.CN](https://longbridge.com/en/quote/603986.CN.md) - [03115.HK](https://longbridge.com/en/quote/03115.HK.md) - [07709.HK](https://longbridge.com/en/quote/07709.HK.md) - [03121.HK](https://longbridge.com/en/quote/03121.HK.md) - [02800.HK](https://longbridge.com/en/quote/02800.HK.md) - [07200.HK](https://longbridge.com/en/quote/07200.HK.md) - [07300.HK](https://longbridge.com/en/quote/07300.HK.md) - [07500.HK](https://longbridge.com/en/quote/07500.HK.md) - [STECH.HK](https://longbridge.com/en/quote/STECH.HK.md) - [688041.CN](https://longbridge.com/en/quote/688041.CN.md) - [06090.HK](https://longbridge.com/en/quote/06090.HK.md) - [02643.HK](https://longbridge.com/en/quote/02643.HK.md) - [09887.HK](https://longbridge.com/en/quote/09887.HK.md) - [SSNGY.US](https://longbridge.com/en/quote/SSNGY.US.md) - [03692.HK](https://longbridge.com/en/quote/03692.HK.md) - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [BABA.US](https://longbridge.com/en/quote/BABA.US.md) - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [09618.HK](https://longbridge.com/en/quote/09618.HK.md) - [JD.US](https://longbridge.com/en/quote/JD.US.md) - [03317.HK](https://longbridge.com/en/quote/03317.HK.md) - [03986.HK](https://longbridge.com/en/quote/03986.HK.md) - [SMSN.UK](https://longbridge.com/en/quote/SMSN.UK.md) - [89988.HK](https://longbridge.com/en/quote/89988.HK.md) - [HBBD.SG](https://longbridge.com/en/quote/HBBD.SG.md) - [TCEHY.US](https://longbridge.com/en/quote/TCEHY.US.md) - [80700.HK](https://longbridge.com/en/quote/80700.HK.md) - [HTCD.SG](https://longbridge.com/en/quote/HTCD.SG.md) - [TCTZF.US](https://longbridge.com/en/quote/TCTZF.US.md) - [83690.HK](https://longbridge.com/en/quote/83690.HK.md) - [MPNGY.US](https://longbridge.com/en/quote/MPNGY.US.md) - [HMTD.SG](https://longbridge.com/en/quote/HMTD.SG.md) - [XIACY.US](https://longbridge.com/en/quote/XIACY.US.md) - [81810.HK](https://longbridge.com/en/quote/81810.HK.md) - [HXXD.SG](https://longbridge.com/en/quote/HXXD.SG.md) - [89618.HK](https://longbridge.com/en/quote/89618.HK.md) ## Related News & Research - [Knowledge Atlas Technology plans placement of 19,780,000 new H shares at HK$1,588 each](https://longbridge.com/en/news/292122351.md) - [Zhipu AI, MiniMax shares to test Hong Kong market as lock-ups end](https://longbridge.com/en/news/291909823.md) - [BASiC Semiconductor to Lift Select Product Prices Amid Surging AI and EV Demand](https://longbridge.com/en/news/292411185.md) - [Zhipu AI founder outlines Touch High plan for AGI research](https://longbridge.com/en/news/292466067.md) - [Chinese AI Firm MiniMax Sinks After USD2 Billion Fundraising Plan; Founder Pledges 5% Stake](https://longbridge.com/en/news/292311159.md)