--- title: "Hong Kong Midday: Hang Seng Tumbles Over 2%; Alibaba Slumps Nearly 10% on Share Placement; Sinopec Bucks Trend, Up Over 4%" type: "News" locale: "en" url: "https://longbridge.com/en/news/296734808.md" description: "Hang Seng Index fell 2.09% at midday. Alibaba plunged nearly 10% below its HK$112.7 placement price after a record HK$80bn share sale. Tech stocks slid broadly. Sinopec rose over 4% on a 12% jump in interim profit. Livzon Pharma crashed 14% post-earnings." datetime: "2026-08-24T04:18:40.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296734808.md) - [en](https://longbridge.com/en/news/296734808.md) - [zh-HK](https://longbridge.com/zh-HK/news/296734808.md) generator: "portal-rs" --- # Hong Kong Midday: Hang Seng Tumbles Over 2%; Alibaba Slumps Nearly 10% on Share Placement; Sinopec Bucks Trend, Up Over 4% Hong Kong's three major indices fell in unison by midday on August 24. The Hang Seng Index dropped **2.09%** or 544.23 points to **25,465.23**; the Hang Seng Tech Index tumbled **3.84%** to **4,582.97**; and the HSCEI declined **2.01%** to **8,460.39**. Half-day turnover reached approximately **HK$167.9 billion**. Alibaba's **HK$80 billion** share placement triggered a broad tech sell-off. Alibaba slumped nearly **10%**, briefly dipping below the placement price. Tencent, Meituan and Xiaomi fell between **3%** and **4%**. AI and semiconductor names followed the downtrend, with Zhipu dropping over **8%** and SMIC losing more than **6%**. On the flip side, Sinopec rallied over **4%** after reporting a **12%** rise in interim profit, KE Holdings gained nearly **4%** following a target price upgrade by CLSA, and CMOC edged higher. **Alibaba's HK$80bn Share Placement Sends Tech Stocks Tumbling** At the midday break, Alibaba (09988.HK) slumped **9.76%** to **HK$111**, falling below the **HK$112.7** placement price, with half-day turnover of nearly **HK$27.8 billion** — the highest on the market. Tencent (00700.HK) fell **3.76%** to **HK$439.8**; Meituan (03690.HK) dropped **3%** to **HK$82.45**; Xiaomi (01810.HK) declined **4.07%** to **HK$27.84**; and Kuaishou (01024.HK) shed **3.6%** to **HK$33.18**. Alibaba announced the placement of **710 million** new shares at **HK$112.7** apiece, raising net proceeds of approximately **HK$79.7 billion** — the largest-ever new share placement on the Hong Kong Stock Exchange. Although the order book was nearly **three times** oversubscribed with total orders reaching **US$28 billion**, the market fretted over near-term equity dilution. Bank of America Securities maintained a **Buy** rating on Alibaba with a Hong Kong target price of **HK$168**, noting the placement would strengthen the balance sheet and diversify funding while the cloud business growth outlook remains bright. J.P. Morgan raised its Hong Kong target price to **HK$205** and recommended accumulating shares ahead of the September-quarter earnings release. **Sinopec Bucks the Trend, Up Over 4% on 12% Interim Profit Growth** At midday, Sinopec (00386.HK) rose **4.43%** to **HK$4.6** on turnover of **HK$1.17 billion**. The company reported interim net profit of **RMB 26.567 billion** under IFRS, up **11.9%** year-on-year, with earnings per share of **RMB 0.22**. Revenue reached **RMB 1.44 trillion**, up **2%**. Looking ahead, Sinopec expects the economy to remain stable in the second half, but flagged weak chemical product demand, the impact of alternative fuels on refined oil products, and ongoing uncertainty in international crude oil prices. **Livzon Pharma Crashes Over 14% After Earnings** At the midday break, Livzon Pharmaceutical (01513.HK) plunged **14.45%** to **HK$21.32**. The company reported net profit of **RMB 932 million** for the six months ended June 30, 2026, down **27.2%** year-on-year, while revenue fell **20.28%** to **RMB 5 billion**. No interim dividend was declared. **AI and Semiconductor Stocks Broadly Weaker; KE Holdings Rises Nearly 4%** AI and semiconductor names broadly tracked the market lower. Zhipu (02513.HK) fell **8.41%** to **HK$1,034**; Tianshu Zhixin (09903.HK) dropped **7.83%**; SMIC (00981.HK) declined **6.62%** to **HK$67.7**; and Hua Hong Semiconductor (01347.HK) lost **5.23%** to **HK$108.8**. Meanwhile, KE Holdings (02423.HK) bucked the trend, rising **3.88%** to **HK$47.14**, after CLSA raised its Hong Kong target price to **HK$62**, citing expectations that second-quarter results would beat forecasts on improved efficiency and market share gains. Gold-related resource stocks were mixed: CMOC (03993.HK) edged up **1.29%**, while Zijin Mining (02899.HK) slipped **0.41%**. ### 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) - [01024.HK](https://longbridge.com/en/quote/01024.HK.md) - [01513.HK](https://longbridge.com/en/quote/01513.HK.md) - [02513.HK](https://longbridge.com/en/quote/02513.HK.md) - [09903.HK](https://longbridge.com/en/quote/09903.HK.md) - [01347.HK](https://longbridge.com/en/quote/01347.HK.md) - [02423.HK](https://longbridge.com/en/quote/02423.HK.md) - [03993.HK](https://longbridge.com/en/quote/03993.HK.md) - [02899.HK](https://longbridge.com/en/quote/02899.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) - [How Investors Are Reacting To KE Holdings (BEKE) Higher Profit On Lower Revenue In 2026 Results](https://longbridge.com/en/news/296658900.md) - [Alibaba set to open down 8% in Hong Kong after $10.2 billion share placement plan](https://longbridge.com/en/news/296721260.md) - [KE (NYSE:BEKE) Announces Earnings Results](https://longbridge.com/en/news/296617623.md) - [Zijin Mining Delivers Strong Profit Surge in First Half of 2026](https://longbridge.com/en/news/296702519.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**