HSI Ends Down 239 Pts; TENCENT, NTES Each Slump 7%+; Kingboard Series Plunge; Gold Miners Rally Against Mkt

The Hang Seng Index closed down 0.95% at 24,892, driven by significant declines in major tech stocks including Tencent and NetEase, which each fell over 7%. Conversely, gold miners rallied strongly as spot gold rose above $4,100, with Zijin Mining and Chifeng Gold surging over 6% and 15% respectively. Kingboard Holdings also plunged more than 10%. JPMorgan cut price targets for Z.AI and Minimax following a report on AI model valuations.

The HSI closed the day at 24,892, down 239 pts or 0.95%, on turnover of HKD312.763 billion. The HSCEI closed at 8,251, down 109 pts or 1.31%. The HSTECH closed at 4,668, down 146 pts or 3.04%.

Multiple heavyweight techs led the broader market lower. TENCENT (00700.HK) -33.400 (-7.046%) Short selling $5.02B; Ratio 16.848% closed down 7.05%, possibly related to capital rotation, while the group also became the most heavily reduced stock by market value among mainland public mutual funds last quarter. NTES (09999.HK) -15.400 (-7.390%) Short selling $779.14M; Ratio 27.707% slumped 7.39%; KUAISHOU-W (01024.HK) -2.400 (-5.322%) Short selling $597.19M; Ratio 20.261% nosedived 5.32%. BABA-W (09988.HK) -3.400 (-2.906%) Short selling $2.75B; Ratio 19.960% , XIAOMI-W (01810.HK) -0.740 (-2.699%) Short selling $1.25B; Ratio 31.807% , BIDU-SW (09888.HK) -2.800 (-2.612%) Short selling $256.02M; Ratio 29.009% and JD-SW (09618.HK) -2.500 (-2.064%) Short selling $301.81M; Ratio 37.081% each fell more than 2%.

Spot gold climbed back above USD4,100, lifting resource and metal stocks against the broader market trend. ZIJIN MINING (02899.HK) +1.900 (+6.028%) Short selling $1.36B; Ratio 35.585% rallied 6.03%. ZIJIN GOLD INTL (02259.HK) +10.000 (+9.242%) Short selling $1.35B; Ratio 43.168% surged 9.24%. CHIFENG GOLD (06693.HK) +4.280 (+15.418%) Short selling $81.11M; Ratio 9.798% and LINGBAO GOLD (03330.HK) +2.520 (+15.126%) Short selling $108.71M; Ratio 9.597% each swelled about 15%. CMOC (03993.HK) +0.790 (+4.768%) Short selling $260.04M; Ratio 24.356% soared 4.77%. CHALCO (02600.HK) +0.190 (+2.396%) Short selling $49.89M; Ratio 9.645% gained 2.4%.

The Kingboard series sharply extended losses in the afternoon. KINGBOARD HLDG (00148.HK) -5.800 (-10.167%) Short selling $194.01M; Ratio 7.298% tumbled 10.17%, while KB LAMINATES (01888.HK) -7.260 (-15.278%) Short selling $520.40M; Ratio 7.260% plunged 15.28%.

JPMorgan said in a report that Moonshot AI's Kimi K3 is reshaping valuations for large AI models. It cut the TP of Z.AI (02513.HK) -44.000 (-3.610%) Short selling $660.44M; Ratio 7.673% to HKD1,600. After leaping nearly 37% yesterday, Z.AI ebbed back 3.61% today. MINIMAX-W (00100.HK) -25.400 (-11.421%) Short selling $203.43M; Ratio 19.692% , which also had its TP cut by JPMorgan, closed down 11.42%.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-22 16:25.)

The HSI closed the day at 24,892, down 239 pts or 0.95%, on turnover of HKD312.763 billion. The HSCEI closed at 8,251, down 109 pts or 1.31%. The HSTECH closed at 4,668, down 146 pts or 3.04%.