--- title: "HSI Ends Down 239 Pts; TENCENT, NTES Each Slump 7%+; Kingboard Series Plunge; Gold Miners Rally Against Mkt" type: "News" locale: "en" url: "https://longbridge.com/en/news/293445856.md" description: "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." datetime: "2026-07-22T08:56:52.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293445856.md) - [en](https://longbridge.com/en/news/293445856.md) - [zh-HK](https://longbridge.com/zh-HK/news/293445856.md) --- # HSI Ends Down 239 Pts; TENCENT, NTES Each Slump 7%+; Kingboard Series Plunge; Gold Miners Rally Against Mkt 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%. 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