Hong Kong's three major indices climbed in tandem on August 20 morning trading. As of press time, the Hang Seng Index added 0.74% or 189.85 points to 25,684.92; the Hang Seng China Enterprises Index rose 1.02% to 8,557.82; and the Hang Seng TECH Index gained 1.05% to 4,731.25. Gold stocks led the market with a broad-based surge, while pharmaceutical and new energy vehicle sectors also strengthened. Kuaishou tumbled over 10% after its earnings report, weighing on select tech names.

Gold Stocks Rally Across the Board; Lingbao Gold Jumps Over 11%

As of press time, Lingbao Gold (03330.HK) surged over 11% to HK$24.58; Zhaojin Mining (01818.HK) rallied nearly 11% to HK$26.36; China Gold International Resources (02099.HK) climbed nearly 8% to HK$247.80; and CMOC Group (03993.HK) rose nearly 4% to HK$17.14.

The U.S. Treasury announced a significant expansion of its long-term bond buyback program to stabilize the market, sending Treasury yields lower and the dollar index to its weakest since late May. Spot gold surged over 4% overnight. Meanwhile, the Fed's July meeting minutes signalled a hawkish tilt, fuelling safe-haven demand for gold and further supporting bullion prices.

Pharma Stocks Strengthen; CSPC Pharmaceutical Soars Over 14%

As of press time, CSPC Pharmaceutical Group (01093.HK) soared over 14% to HK$9.91 on turnover exceeding HK$2 billion; WuXi Biologics (02269.HK) jumped nearly 6% to HK$50.70; and WuXi AppTec (02268.HK) advanced 3% to HK$70.10.

Overnight, Moderna and Merck's jointly developed mRNA personalized cancer vaccine delivered positive results in a Phase III clinical trial, sending Moderna shares surging nearly 180% in a single session. The Nasdaq Biotechnology Index soared 6.4%, significantly lifting sentiment across global pharmaceutical stocks.

Kuaishou Slumps Over 10% Post-Earnings; Tech Stocks Diverge

As of press time, Kuaishou-W (01024.HK) tumbled nearly 11% to HK$33.68 on turnover exceeding HK$3.8 billion. The company reported Q2 net profit of RMB3.152 billion, down 36% year-on-year but slightly ahead of expectations. It guided full-year capex of RMB26 billion, with Chairman Cheng Yixiao cautioning that ongoing investments and external challenges will weigh on near-term profitability. Weimob (02013.HK) slumped nearly 10% to HK$1.00. Among large-cap tech names, Tencent (00700.HK) rose 1.4%, Alibaba (09988.HK) added 0.6%, Meituan (03690.HK) gained 1.3%, Xiaomi (01810.HK) advanced over 3%, and JD.com (09618.HK) climbed 2.6%.

NEV Sector Rises Broadly; Li Auto Gains 5%

As of press time, Li Auto-W (02015.HK) rose 5% to HK$50.30; NIO-SW (09866.HK) gained over 4% to HK$36.36; XPeng-W (09868.HK) added 3% to HK$47.32; and BYD Company (01211.HK) advanced 2.5% to HK$91.60. Property stocks also rebounded in morning trading, with China Resources Land (01109.HK) up 4%, China Overseas Land & Investment (00688.HK) up nearly 3%, and Sun Hung Kai Properties (00016.HK) up nearly 3%.