--- title: "Hong Kong stock movement: VGT fell 14.62%, no major negative news, capital speculation intensifies volatility" type: "News" locale: "en" url: "https://longbridge.com/en/news/294027350.md" description: "VGT fell 14.62%; Kingboard Laminates fell 17.57%, with a transaction amount of HKD 3.262 billion; Kingboard Group fell 13.67%, with a transaction amount of HKD 1.821 billion; Sunny Optical Technology fell 0.77%, with a transaction amount of HKD 679 million; Luxshare Precision fell 10.59%, with a market value of HKD 436.9 billion" datetime: "2026-07-28T07:41:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294027350.md) - [en](https://longbridge.com/en/news/294027350.md) - [zh-HK](https://longbridge.com/zh-HK/news/294027350.md) --- # Hong Kong stock movement: VGT fell 14.62%, no major negative news, capital speculation intensifies volatility **Hong Kong Stock Movement** Victory Giant Technology, down 14.62%, with no significant news recently. Trading is active, and capital flow is evident. Considering the sector and industry trends, the stock shows significant volatility, and the specific reasons need further observation. **Stocks with High Trading Volume in the Industry** Kingboard Laminates fell 17.57%. Based on recent key news: 1. On July 28, the PCB industry suffered a sharp decline, with Kingboard Laminates' stock price dropping 13.64%. The market is concerned about the cyclical financing risks of AI infrastructure transactions, leading to a general decline in PCB concept stocks. According to Zhitong Finance, NVIDIA is advancing a new round of AI infrastructure transactions, with a potential scale exceeding $750 billion, and the market is gradually correcting the previously overly high expectations for AI capital expenditures. 2. On July 28, the wave of capacity expansion in the PCB industry attracted market attention. Securities Times pointed out that under the background of industry expansion, the proportion of high-end capacity is less than 20%, and most of the new capacity is still concentrated in mid-to-low-end circuit boards, leading to market concerns about the hype surrounding nominal high-end expansion. 3. On July 28, Google's free cash flow for the second quarter was negative, putting pressure on the market's cash flow management for tech stocks. Google completed a $49.6 billion stock issuance and a $20.3 billion bond issuance, and future cash exposure management still faces significant pressure, affecting market sentiment. The wave of capacity expansion in the PCB industry exacerbates market differentiation risks. Kingboard Group fell 13.67%. Based on recent key news: 1. On July 28, PCB concept stocks plummeted, with Kingboard Group's stock price dropping 9.75%. The market's overly high expectations for AI infrastructure investment were corrected, leading to concerns about the wave of capacity expansion in the PCB industry. Zhitong Finance 2. On July 27, the market trading volume did not cooperate with the rising market, and the Hang Seng Index bear certificate heavy area was not attacked, showing that buying interest was not active, affecting Kingboard Group's stock performance. Economic Times 3. On July 28, increased attention to cyclical financing risks affected investor confidence, leading to a decline in Kingboard Group's stock price. Zhitong Finance The wave of capacity expansion in the PCB industry raises market concerns. Sunny Optical Technology fell 0.77%. No significant news recently; trading is active, and capital flow is evident. Considering the sector and industry trends, the stock shows significant volatility, and the specific reasons need further observation. no\_news **Stocks with High Market Capitalization in the Industry** Luxshare Precision fell 10.59%. Based on recent news, 1. On July 28, Luxshare Precision's stock price fell more than 8% to HKD 58. Despite Bank of China International giving a "Buy" rating and setting a target price of HKD 78.3, the stock price still faces pressure. Bank of New York Mellon significantly reduced its H-share holdings on July 21, from 11.28% to 3.36%, putting pressure on the stock price. 2. On July 27, Bank of China International released a research report, initiating coverage of Luxshare Precision's H-shares with a "Buy" rating and a target price of HKD 78.3. The bank pointed out that the company's business development in AI communications, data centers, and automotive electronics is significant, with an expected compound annual growth rate of 19% in revenue from 2025 to 2028 The annual compound growth rate of net profit reached 30%. On July 27, Luxshare Precision's AI data center products have received design wins and mass production orders from several core overseas cloud service giants. In the automotive sector, the acquisition and integration of Lainai has been successfully completed, enhancing cross-selling and net profit margins. The consumer electronics business performed better than expected, but rising memory prices have brought pressure. 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