HSI Dips 28 Pts at Midday as LAOPU GOLD Plunges Nearly 23%, Z.AI Drops Over 16%, PCB Sector Under Selling Pressure, HK Bank Stocks Extend Rally
Complete. Here is the key summaryThe Hang Seng Index dipped 28 points to 25,178 at midday. Key movers included LAOPU GOLD plunging 22.8% on poor earnings expectations and Z.AI dropping 16.5% after HSBC cut its target price. PCB sector stocks faced broad selling pressure, with KB Laminates down 16.5%. Conversely, HK bank stocks extended their rally, while major techs like JD.com and NetEase showed gains.
The HSI opened up 64 points but traded choppily through the morning session. At midday, it closed at 25,178, down 28 points or 0.11%, with turnover at HKD140.547 billion. The HSTECH finished at 4,709, up 7 points or 0.16%. The HSCEI concluded at 8,385, up 19 points or 0.24%.
Among heavyweight techs, TENCENT (00700.HK) +0.800 (+0.181%) Short selling $611.63M; Ratio 13.596% , BABA-W (09988.HK) +0.700 (+0.631%) Short selling $915.62M; Ratio 16.073% and XIAOMI-W (01810.HK) +0.120 (+0.418%) Short selling $907.14M; Ratio 23.616% rose less than 1%; MEITUAN-W (03690.HK) +1.400 (+1.568%) Short selling $521.92M; Ratio 16.349% gained 1.57%; JD-SW (09618.HK) +3.900 (+3.272%) Short selling $243.87M; Ratio 35.557% advanced 3.27%; NTES (09999.HK) +7.900 (+4.136%) Short selling $282.20M; Ratio 34.496% climbed 4.14%, making it the best-performing blue chip at midday; while BIDU-SW (09888.HK) -3.500 (-3.356%) Short selling $141.00M; Ratio 23.899% fell off 3.36% by midday.
Among blue chips, LAOPU GOLD (06181.HK) -90.400 (-22.805%) Short selling $272.58M; Ratio 17.519% slumped 22.81% at midday after brokers said the company's 2Q26 results were way below expectations, making it the worst-performing blue chip at midday. CSPC PHARMA (01093.HK) +0.100 (+1.205%) Short selling $107.78M; Ratio 31.952% added 1.2% after Citi said the company's interim profit forecast far exceeded expectations. LENOVO GROUP (00992.HK) -0.960 (-3.947%) Short selling $270.85M; Ratio 22.332% dived nearly 4%, while CATL (03750.HK) -29.000 (-4.567%) Short selling $443.14M; Ratio 39.345% plunged 4.57%. POP MART (09992.HK) -5.600 (-3.390%) Short selling $228.38M; Ratio 20.250% shed 3.39%.
Printed circuit board (PCB)-related stocks were broadly sold off. KB LAMINATES (01888.HK) -6.620 (-16.476%) Short selling $205.98M; Ratio 10.265% plunged 16.48% at midday, while KINGBOARD HLDG (00148.HK) -6.020 (-12.542%) Short selling $72.33M; Ratio 6.280% , HANS CNC (03200.HK) -11.750 (-10.519%) Short selling $2.22M; Ratio 3.587% and VGT (02476.HK) -21.800 (-9.570%) Short selling $49.38M; Ratio 12.123% plummeted 9.6-12.5%.
AI concept stocks came under pressure. Z.AI (02513.HK) -211.000 (-16.472%) Short selling $457.93M; Ratio 8.213% collapsed 16.47% after HSBC Global Investment Research cut its TP, citing concerns over souring market competition. MINIMAX-W (00100.HK) -25.600 (-11.150%) Short selling $109.35M; Ratio 13.290% nosedived 11.15%, while XUNCE (03317.HK) -9.600 (-7.934%) Short selling $371.32K; Ratio 0.130% tumbled 7.93%.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-28 12:25.)