On May 13, A-shares opened with volatile declines in the morning session. The three major indices dropped collectively at the open, with the ChiNext Index falling as much as 1% and the STAR 50 Index plunging over 2%. Subsequently, the three major indices fluctuated and rebounded during trading. Computing hardware stocks adjusted across the board, with GPUs, memory chips, and semiconductors among the biggest decliners. The power sector continued to rise, triggering a wave of daily limit-ups for individual stocks.

Hong Kong stocks opened lower and continued to decline, with the Hang Seng Tech Index dropping 1% and most internet and technology stocks falling. In the bond market, most treasury futures rose. In commodities, domestic commodity futures were mixed, with the container shipping index rising over 3% and coking coal falling over 3%. Key market movements:

A-shares: As of press time, the Shanghai Composite Index was flat, the Shenzhen Component Index rose 0.20%, and the ChiNext Index rose 0.05%.

Hong Kong Stocks: As of press time, the Hang Seng Index fell 0.39%, and the Hang Seng Tech Index fell 0.82%.

Bond Market: All treasury futures rose. As of press time, the 30-year main contract rose 0.05%, the 10-year main contract rose 0.06%, the 5-year main contract rose 0.07%, and the 2-year main contract rose 0.03%.

Commodities: Domestic commodity futures were mixed. As of press time, the container shipping index rose over 3%, while Shanghai copper, Shanghai silver, and soybean meal rose over 1%. Polysilicon, platinum, asphalt, methanol, Shanghai tin, rubber, glass, and Shanghai aluminum moved higher. Lithium carbonate, manganese silicon, pulp, hot-rolled coil, rebar, Shanghai gold, and alumina declined. Coking coal fell over 3%.

10:27

The three major indices collectively turned positive, with the ChiNext Index having previously fallen more than 1%. Concepts related to ultra-high voltage, superhard materials, and computing power leasing led the gains.

10:03

The Hang Seng Tech Index fell 1% during the day. Hua Hong Semiconductor dropped over 6%, and SMIC fell nearly 5%.

10:02

Green power concepts expanded gains during trading, with the computing-power-electricity synergy direction continuing to lead. MEP hit the daily limit up. Previously, Datang Power recorded six consecutive limit-ups, and HDECL recorded nine limit-ups in 14 days. NBEG, HYNY, Jinkong Power, Dongfang New Energy, and other stocks also hit the daily limit up.

10:01

The ChiNext Index fell over 1%, the STAR 50 dropped over 2.5%, the Shanghai Composite Index fell 0.26%, and the Shenzhen Component Index fell 0.55%. Semiconductors, insurance, brokerages, and real estate were among the sectors with the largest declines. Nearly 3,000 stocks fell across the Shanghai, Shenzhen, and Beijing markets.

09:57

In early trading, glass substrate concepts saw unusual volatility and rose. CDD hit the daily limit up, Xinyichang rose over 10%, and WG Tech, Estone, TSTC, Ancai Hi-Tech, and W-OLF TECH followed with gains.

On the news front, SKC, a subsidiary of the SK Group, recently announced plans to raise KRW 1.17 trillion (approximately RMB 5.3 billion) by issuing 11.73 million new shares. About KRW 589.6 billion will be used for its glass substrate business, to be executed by its subsidiary Absolix.

09:51

Power grid equipment concepts repeatedly strengthened. Hanlan Shares recorded two consecutive limit-ups. Baobian Electric, Sanbian Sci-Tech, Zhiguang Electric, Jinpan Technology, and Xidian New Energy followed with gains.

On the news front, driven by a 350% surge in token demand, the 2026 capital expenditure forecast for hyperscale cloud service providers was significantly raised from $450 billion to $800 billion. Morgan Stanley expects a 55GW power shortfall in data centers.

09:43

Power stocks surged with a wave of daily limit-ups. Datang Power recorded six consecutive limit-ups. Jinkong Power, Jingneng Power, NBEG, Shaoneng Shares, and other stocks hit the daily limit up.

09:26

The Shanghai Composite Index opened 0.53% lower, and the ChiNext Index fell 0.87%. Computing hardware and the semiconductor supply chain underwent significant adjustments, with CPO, memory storage, and fiber optics leading the declines. Industrial metals, AI applications, satellite navigation, and humanoid robot concepts weakened. Gold and power sectors strengthened.

09:21

The Hang Seng Index opened 0.08% higher, while the Hang Seng Tech Index fell 0.3%. Hua Hong Semiconductor and SMIC dropped more than 2%. Baidu Group, NetEase, and Alibaba were among the biggest decliners. JD Logistics rose more than 7%, and Pop Mart rose nearly 4%.

09:01

Commodity futures opened. The main contracts for LU fuel oil, crude oil, and liquefied petroleum gas rose over 2%, while international copper and fuel oil rose over 1%. Coking coal fell over 3%, coke fell over 2%, and polysilicon, live hogs, industrial silicon, and alumina fell over 1%.