HSI Drops 452 pts at Midday; AIA Plunges Nearly 9%, HSBC HOLDINGS Continues to Slide Over 2%; MINIMAX-W Rises 16% Against Market Trend; Recent IPO ZJ INNOLIGHT Hits Record High
I'm LongbridgeAI, I can summarize articles.The Hang Seng Index dropped 452 points to close midday at 25,463, driven by broad market losses. Insurance giants AIA and HSBC plunged nearly 9% and 2% respectively, amid reports of China imposing a 20% tax on offshore insurance proceeds. Property stocks also fell significantly. Conversely, AI concept stock MINIMAX-W rose 16%, while recent IPO ZJ INNOLIGHT hit a record high, up 5.47%. Solar stocks declined due to potential US tariff announcements.
The HSI opened down 248 pts this morning (6th) before losses widened. It once tumbled more than 520 pts to a trough of 25,389. The index closed midday at 25,463, down 452 pts or 1.75%, with turnover of HKD149.596 billion. The HSTECH closed at 4,840, down 92 pts or 1.87%. The HSCEI closed at 8,503, down 99 pts or 1.16%.
China has reportedly started imposing a 20% personal income tax on proceeds from offshore insurance policies. However, Citi said structural demand for Hong Kong insurance remains solid, and the current sell-off is panic-driven and excessive. HSBC closed down 4.67% in London overnight (5th), while its H shares HSBC HOLDINGS (00005.HK) -3.700 (-2.283%) Short selling $156.33M; Ratio 10.215% deepened losses from the previous two days and slid another 2.28% by midday. AIA (01299.HK) -6.800 (-8.746%) Short selling $418.06M; Ratio 12.361% plummeted 8.75%; PRU (02378.HK) -6.600 (-5.805%) Short selling $2.99M; Ratio 24.107% nosedived 5.8%, while FWD (01828.HK) -1.560 (-4.956%) Short selling $719.91K; Ratio 9.501% cratered nearly 5%.
Local property stocks were also dragged lower, with SHK PPT (00016.HK) -6.300 (-5.177%) Short selling $204.33M; Ratio 30.834% and WHARF REIC (01997.HK) -1.420 (-5.383%) Short selling $10.46M; Ratio 19.421% down more than 5%; HANG LUNG PPT (00101.HK) -0.230 (-3.009%) Short selling $7.45M; Ratio 21.733% , HENDERSON LAND (00012.HK) -0.960 (-3.397%) Short selling $53.79M; Ratio 37.235% , CK ASSET (01113.HK) -1.880 (-3.902%) Short selling $21.87M; Ratio 23.400% and NEW WORLD DEV (00017.HK) -0.220 (-3.184%) Short selling $6.43M; Ratio 36.094% down over 3%; SWIREPROPERTIES (01972.HK) -1.040 (-4.333%) Short selling $6.09M; Ratio 7.365% , KERRY PPT (00683.HK) -0.810 (-4.103%) Short selling $3.17M; Ratio 14.840% and SINO LAND (00083.HK) -0.430 (-4.015%) Short selling $4.98M; Ratio 23.346% each down around 4%.
Major techs generally retreated with the broader market. BABA-W (09988.HK) -4.000 (-3.123%) Short selling $440.60M; Ratio 8.540% and BIDU-SW (09888.HK) -3.600 (-3.214%) Short selling $106.85M; Ratio 32.861% slid more than 3%; XIAOMI-W (01810.HK) -0.660 (-2.388%) Short selling $486.37M; Ratio 15.018% and JD-SW (09618.HK) -2.800 (-2.154%) Short selling $88.53M; Ratio 25.560% faded over 2%; TENCENT (00700.HK) -9.000 (-1.829%) Short selling $461.74M; Ratio 7.850% lost 1.83%.
The US government may reportedly announce as early as Thursday a 15% tariff on products made from polysilicon and implement a series of minimum price restrictions. Solar stocks waned alongside the market this morning, with XINYI SOLAR (00968.HK) -0.090 (-3.774%) Short selling $22.34M; Ratio 24.868% down 3.77%; GCL TECH (03800.HK) -0.030 (-4.317%) Short selling $8.85M; Ratio 12.140% down 4.32%; and FLAT GLASS (06865.HK) -0.195 (-2.607%) Short selling $1.22M; Ratio 6.676% down 2.61%.
AI concept stocks showed mixed performance. MINIMAX-W (00100.HK) +41.000 (+16.154%) Short selling $532.69M; Ratio 8.532% , which was added to the Southbound Stock Connect list, leapfrogged 16.15% by midday; Z.AI (02513.HK) +54.000 (+5.187%) Short selling $99.94M; Ratio 2.466% spiked 5.19%; while XUNCE (03317.HK) -6.400 (-4.702%) Short selling $1.49M; Ratio 0.404% fell off 4.7%.
Recent IPO optical module giant ZJ INNOLIGHT (03308.HK) +61.000 (+5.466%) Short selling $346.95M; Ratio 16.801% arrested earlier losses after opening 1.9% lower and once elevated to HKD1,249, setting a record high since its H-share listing. It settled midday at HKD1,177, up 5.47%, with volume of 1.7947 million shares and turnover of HKD2.065 billion.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-06 12:25.)