--- title: "HK Midday: Hang Seng Tumbles 2% as Alibaba's Record HK$80 Bln Placement Hammers Techs; Gold, Oil Stocks Shine" type: "News" locale: "en" url: "https://longbridge.com/en/news/296726098.md" description: "Hang Seng Index plunges over 500 pts as Alibaba slides nearly 10% below its HK$112.7 placement price in a record HK$80 bln share sale. Tech stocks tumble across the board. Sinopec jumps nearly 6% post-results, while gold miners rally on fresh bullion highs." datetime: "2026-08-24T02:20:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296726098.md) - [en](https://longbridge.com/en/news/296726098.md) - [zh-HK](https://longbridge.com/zh-HK/news/296726098.md) generator: "portal-rs" --- # HK Midday: Hang Seng Tumbles 2% as Alibaba's Record HK$80 Bln Placement Hammers Techs; Gold, Oil Stocks Shine Hong Kong's three major indices fell sharply on August 24. As of press time, the Hang Seng Index dropped **2.00%** or **520.99 points** to **25,488.47**, with mainboard turnover reaching approximately **HK$99.3 billion**. The Hang Seng China Enterprises Index shed **2.08%** to **8,454.46**, while the Hang Seng Tech Index slumped about **3.5%**. Alibaba's first-ever placement of **HK$80 billion** in new shares since its 2019 Hong Kong listing triggered a broad tech selloff, weighing heavily on overall market sentiment. Across the board, tech names suffered heavy losses — Alibaba tumbled nearly **10%**, sinking below its placement price, while Tencent, Meituan and Xiaomi fell between **3%** and **4%**. Bucking the trend, oil and petrochemical stocks advanced, with Sinopec surging nearly **6%**. Gold miners broadly rallied as bullion prices hit fresh record highs, with Zhaojin Mining up nearly **8%** and Lingbao Gold up nearly **5%**. Brilliance Auto jumped over **8%** post-results. **Tech Stocks Tumble as Alibaba Drops Nearly 10% Below Placement Price** As of press time, Alibaba Group-W (09988.HK) plunged **9.4%** to **HK$111.5** on turnover exceeding **HK$18.1 billion**, with the stock falling below its **HK$112.7** placement price. Tencent Holdings (00700.HK) declined **3.6%** to **HK$440.6** on turnover of over **HK$5.1 billion**; Meituan-W (03690.HK) lost **3.1%** to **HK$82.35**; Xiaomi Corporation-W (01810.HK) fell **4.3%** to **HK$27.76**; NetEase-S (09999.HK) dropped **4.9%** to **HK$192.2**; and Kuaishou-W (01024.HK) slid **3.9%** to **HK$33.08**. On August 23, Alibaba announced plans to place **710 million new shares** to non-U.S. persons outside the United States at **HK$112.7** per share, representing an approximately **8.4%** discount to the previous closing price, raising total proceeds of approximately **HK$80 billion**. The net proceeds will be entirely allocated to investing in full-stack AI capabilities and strengthening AI infrastructure. This marks Alibaba's first new share placement since its Hong Kong listing in 2019 and is the largest such placement in Hong Kong stock market history. Market concerns that other tech firms may follow Alibaba's fundraising move weighed on the sector. Adding to the pressure, renowned investor Michael Burry was disclosed to have liquidated his Alibaba position. Baidu (09888.HK), which clarified it has no share issuance plan, fell **3.7%** to **HK$89.8**, relatively resilient compared to peers. **Oil and Petrochemical Stocks Rally; Sinopec Jumps Nearly 6%** As of press time, China Petroleum & Chemical Corporation (00386.HK) surged **5.8%** to **HK$4.66** on turnover exceeding **HK$796 million**, hitting a near three-month intraday high and extending its winning streak to **seven consecutive sessions**. Sinopec reported interim results with net profit rising **19.3%** year-on-year to **RMB 25.63 billion**, earnings per share of **21.2 fen**, and an increased interim dividend of **10.5 fen**. Revenue grew **2%** to **RMB 1.43 trillion**, driven by elevated oil prices and upstream production growth. The company plans a significant ramp-up in second-half capital expenditure to as much as **RMB 99.9 billion**, with a focus on exploration and development. **Gold Miners Surge; Zhaojin Mining Up Nearly 8%** As of press time, Zhaojin Mining (01818.HK) jumped **7.8%** to **HK$27.5**; Lingbao Gold (03330.HK) rose **4.8%** to **HK$26.42**; Shandong Gold (01787.HK) gained **3.5%** to **HK$28.44**; CMOC Group (03993.HK) advanced **4.8%** to **HK$17.82**; and Zijin Mining Group (02899.HK) added **1.6%** to **HK$39.18**. NYMEX gold futures breached the **US$4,700 per ounce** mark, with spot gold up **1%** intraday at **US$4,651**. ING strategists noted that with recovering investment demand and growing unease over the U.S. fiscal outlook, gold prices have rebounded sharply from the July low of around **US$4,000** to approximately **US$4,600**, returning to levels last seen in May. The prospect of the U.S. Treasury potentially expanding its bond buyback program has reignited currency debasement concerns, further enhancing gold's appeal as a store of value. **Brilliance Auto Surges Over 8% Post-Results** As of press time, Brilliance Auto (01114.HK) rallied **8.1%** to **HK$2.60**, having surged as much as **13.1%** intraday to a high of **HK$2.72**, on turnover exceeding **HK$150 million**. Brilliance Auto reported interim results with attributable profit of **RMB 779 million**, down **54.24%** year-on-year, in line with market expectations. Earnings per share stood at **15.43 fen**, with an interim dividend of **50 HK cents**. Despite profit halving, the company maintained its dividend payout, and with a prior profit warning already setting expectations, the stock rallied against the broader market weakness. In other sectors, semiconductor stocks fell, with SMIC (00981.HK) down **3.8%** at **HK$69.75** and Hua Hong Semiconductor (01347.HK) down **3.7%** at **HK$110.6**. New energy vehicle stocks broadly declined, with BYD Company (01211.HK) down **2.2%** at **HK$91.15** and Li Auto-W (02015.HK) down **2.2%** at **HK$50.1**. Pop Mart (09992.HK) bucked the trend, rising **3.4%** to **HK$154.0**. ### Related Stocks - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [09999.HK](https://longbridge.com/en/quote/09999.HK.md) - [01024.HK](https://longbridge.com/en/quote/01024.HK.md) - [09888.HK](https://longbridge.com/en/quote/09888.HK.md) - [01818.HK](https://longbridge.com/en/quote/01818.HK.md) - [03330.HK](https://longbridge.com/en/quote/03330.HK.md) - [01787.HK](https://longbridge.com/en/quote/01787.HK.md) - [03993.HK](https://longbridge.com/en/quote/03993.HK.md) - [02899.HK](https://longbridge.com/en/quote/02899.HK.md) - [01114.HK](https://longbridge.com/en/quote/01114.HK.md) - [01347.HK](https://longbridge.com/en/quote/01347.HK.md) - [01211.HK](https://longbridge.com/en/quote/01211.HK.md) - [02015.HK](https://longbridge.com/en/quote/02015.HK.md) - [09992.HK](https://longbridge.com/en/quote/09992.HK.md) ## Related News & Research - [CMOC Last Soars 5%+; Interim Profit Surges 86%, Revenue Hits Record High; Interim DPS Resumed at RMB0.095](https://longbridge.com/en/news/296423052.md) - [POP MART Gaps Down 8.2% at Open as Interim Results Miss w/ Plans of Share Buyback of Up to RMB5B](https://longbridge.com/en/news/296555795.md) - [Labubu maker Pop Mart set for drastic growth slowdown as bears gather](https://longbridge.com/en/news/296428956.md) - [CEO Wang Ning: POP MART To Launch RMB2-5B Share Buyback Within Next 6 Mhs; Full-year Rev. 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