Hong Kong Market Barometer: Heavyweight Hang Seng Tech stocks rebound sharply!
Hang Seng Index fell 271 points, failing to follow global gains; continuous positive news on semiconductor chips makes E Fund Asia Pacific Semiconductor ETF worth watching
Overnight, memory chip stocks were again hotly traded. A major bank raised Micron’s price target by over 100% to $1,600, citing long-term supply agreements and rising memory demand. Micron surged nearly 20% in a single day, while the Philadelphia Semiconductor Index jumped more than 5.5%. Japanese, Korean, and ** markets all posted significant early gains today. However, Hong Kong stocks failed to join the global rally—the market opened 9 points higher before reversing downward. Southbound capital outflows intensified in the afternoon, and two blue-chip stocks with disappointing earnings were heavily sold off. The Hang Seng Index briefly dropped over 300 points intraday, closing at 25,328, down 271 points or 1.1%, on turnover of HK$320.8 billion. The Hang Seng China Enterprises Index closed at 8,463, down 113 points or 1.3%. The Hang Seng Tech Index ended at 4,907, down 39 points or 0.8%. Net southbound capital outflow totaled RMB 7.7 billion.
Although the chip sector opened higher on the back of global positive sentiment, its gains significantly narrowed in the afternoon and failed to lift the broader market. SMIC (0981) $SMIC (00981.HK)$ Gained RMB 0.81 or 0.95%, closing at RMB 85.20; GigaDevice (3986) $GIGADEVICE (03986.HK)$ Gained RMB 17.50 or 2.12%, closing at RMB 842.50; Biren Technology (6082) $BIREN TECH (06082.HK)$ Gained RMB 1.55 or 3.03%, closing at RMB 52.65; Montage Technology (6809) $MONTAGE TECH (06809.HK)$ Gained RMB 7.00 or 1.52%, closing at RMB 469.00; Novosense (2676) $NOVOSENSE (02676.HK)$ Gained RMB 15.00 or 6.82%, closing at RMB 235.00; Hua Hong Semiconductor (1347) $HUA HONG SEMI (01347.HK)$ Gained RMB 8.70 or 6.05%, closing at RMB 152.40.
CATL (3750) $CATL (03750.HK)$ Continued positive news flow: its large-scale 601MWh energy storage project, developed in partnership with Eastern European firm Solarpro Holding, was recently successfully connected to the grid and commissioned in Bulgaria. Both parties plan to further expand the scale over the next two years. The stock surged RMB 42.00 or 6.38% against the market trend, closing at RMB 700.00, making it the best-performing blue chip of the day.
On the earnings front, Lenovo Group (0992) $POP MART (09992.HK)$ The valuation re-rating rally continues to gain momentum, with the stock rising another RMB 0.81 or 4.45% today to close at RMB 19.00, hitting a record high closing price. It has now risen for three consecutive days, with a cumulative gain of 44.49%; CSPC Pharma (1093) $CSPC PHARMA (01093.HK)$ First-quarter profit plunged by 40%. The stock fell HK$0.4 or 5.38% after earnings, closing at HK$7.04, marking the worst-performing blue chip of the day; Xiaomi (1810) $XIAOMI-W (01810.HK)$ Reported first-quarter revenue of RMB 99.14 billion, down 10.9% year-over-year; adjusted net profit was RMB 6.07 billion, a 43.1% year-over-year decline. Although slightly better than market expectations, the company simultaneously announced a sharp price cut for its large model tokens, reigniting concerns over heavy spending. Major brokerages have since lowered their target prices, and the company's HK$20 billion share buyback plan failed to restore market confidence. The stock dropped HK$1.36 or 4.57% post-earnings, closing at HK$28.40.
Internet stocks broadly came under pressure amid persistent concerns over rising AI-related capital expenditures. $BABA-W (09988.HK)$ Alibaba (9988) fell HK$3.3 or 2.59%, closing at HK$124.3. $TENCENT (00700.HK)$ Tencent (0700) declined HK$4.6 or 1.05%, ending at HK$434.4; Meituan (3690) dropped HK$1.1 or 1.4%, closing at HK$77.7. $JD-SW (09618.HK)$ JD.com (9618) fell HK$2.3 or 1.94%, closing at HK$116.3. $KUAISHOU-W (01024.HK)$ Kuaishou (1024) declined HK$0.52 or 1.14% ahead of its earnings release, closing at HK$45.28. $NTES-S (09999.HK)$ NetEase (9999) saw its new mobile game 'Phantom Edge' successfully secure a publishing license in mainland China, driving its shares up HK$6.1 or 3.22% to close at HK$195.4, outperforming the broader market.
New consumption stocks followed Miniso (9896) lower as a group, $MNSO (09896.HK)$ which reported softened earnings—despite a significant revenue increase, profits shrank. The stock closed down HK$1.6 or 6.16% at HK$24.36; Mao Geping (1318) $MAO GEPING (01318.HK)$ fell HK$1.90 or 3.19%, closing at HK$57.65; Laopu Gold (6181) $LAOPU GOLD (06181.HK)$ fell HK$10.50 or 2.05%, closing at HK$501; Mixue Group (2097) dropped HK$3.60 or 1.38%, closing at HK$257.
Among other stocks, MiniMax (0100) $MINIMAX-W (00100.HK)$ was upgraded by UBS Group on expectations of accelerated monetization from model upgrades, rising HK$81 or 10.53%, closing at HK$854; Zhipu AI (2513), $KNOWLEDGE ATLAS (02513.HK)$ which reportedly established an AI industry venture capital partnership in Shanghai, rose HK$80 or 5.95%, closing at HK$1,425; Pony AI (2026) $PONY-W (02026.HK)$ raised its full-year earnings guidance, gaining HK$3.80 or 5.24%, closing at HK$76.35.
In new listings, three IPOs debuted today, all performing strongly: Shenyi Intelligence (2723) $DEEPZERO (02723.HK)$ stood out the most, closing at HK$203, up 265.8% from its IPO price of HK$55.50, yielding a per-lot (100 shares) paper profit of HK$14,750; Yunyinggu Technology (3310) $VIEWTRIX TECH (03310.HK)$ closed at HK$39.90, up 91.7% from its IPO price of HK$20.81, yielding a per-lot (200 shares) paper profit of HK$3,818; HuaXiDa (0901) $SDMC (00901.HK)$ closed at HK$61.20, up 86.6% from its IPO price of HK$32.80, yielding a per-lot (100 shares) paper profit of HK$2,840.
Among other stocks, MiniMax (0100) $MINIMAX-W (00100.HK)$ was upgraded by UBS Group on expectations of accelerated monetization from model upgrades, rising HK$81 or 10.53%, closing at HK$854; Zhipu AI (2513), $KNOWLEDGE ATLAS (02513.HK)$ which reportedly established an AI industry venture capital partnership in Shanghai, rose HK$80 or 5.95%, closing at HK$1,425; Pony AI (2026) $PONY-W (02026.HK)$ raised its full-year earnings guidance, gaining HK$3.80 or 5.24%, closing at HK$76.35.
In new listings, three IPOs debuted today, all performing strongly: Shenyi Intelligence (2723) $DEEPZERO (02723.HK)$ stood out the most, closing at HK$203, up 265.8% from its IPO price of HK$55.50, yielding a per-lot (100 shares) paper profit of HK$14,750; Yunyinggu Technology (3310) $VIEWTRIX TECH (03310.HK)$ closed at HK$39.90, up 91.7% from its IPO price of HK$20.81, yielding a per-lot (200 shares) paper profit of HK$3,818; HuaXiDa (0901) $SDMC (00901.HK)$ closed at HK$61.20, up 86.6% from its IPO price of HK$32.80, yielding a per-lot (100 shares) paper profit of HK$2,840.
The global semiconductor sector continued to heat up today, fueled by a steady stream of positive catalysts. South Korea's Samsung and SK Hynix are benefiting from surging demand for AI high-bandwidth memory (HBM), with combined profits this year projected to reach KRW 116 trillion. In China, Huawei has unveiled the 'Tau (τ) Law,' replacing the traditional Moore's Law concept of 'geometric scaling' with a new approach called 'temporal scaling.' This strategy aims to achieve transistor density equivalent to a 1.4-nanometer process node by 2031. Huawei’s next-generation Kirin chip, launching this fall, will serve as the first full validation of this technology, which the industry views as China's breakthrough solution in the post-Moore era—further bolstering investor confidence in the entire Asian semiconductor value chain.
Investors seeking comprehensive exposure to the entire Asian semiconductor ecosystem may consider the E Fund Asia Semiconductor ETF (3486). $EFund A SEMICON ETF (03486.HK)$ , which closed at HK$23.22 today, up HK$0.68 or 3.02%, fully benefiting from the recent broad-based rally in the semiconductor sector. The ETF holds 30 leading semiconductor companies across Hong Kong, Japan, South Korea, and Taiwan, including Taiwan Semiconductor, SK Hynix, SMIC (0981), $SMIC (00981.HK)$ Huahong Semiconductor (1347 $HUA HONG SEMI (01347.HK)$ ), and ASMPT (0522 $ASMPT (00522.HK)$ ), covering core segments such as wafer foundry, memory, equipment, and assembly & testing, with 15 holdings each from Hong Kong-listed and non-Hong Kong-listed companies. Since its base date in March 2020, the underlying index has delivered a cumulative return of 426%, with one-year and two-year returns of 72% and 185%, respectively. Investors should note that the ETF is concentrated in the semiconductor sector and is therefore subject to sector-specific and geographic concentration risks, resulting in higher net asset value volatility. Past index performance does not indicate future fund results and is suitable only as a reference for investors who are bullish on the long-term growth of Asia’s semiconductor industry and sustained demand for AI computing power.
Investors seeking comprehensive exposure to the entire Asian semiconductor ecosystem may consider the E Fund Asia Semiconductor ETF (3486). $EFund A SEMICON ETF (03486.HK)$ , which closed at HK$23.22 today, up HK$0.68 or 3.02%, fully benefiting from the recent broad-based rally in the semiconductor sector. The ETF holds 30 leading semiconductor companies across Hong Kong, Japan, South Korea, and Taiwan, including Taiwan Semiconductor, SK Hynix, SMIC (0981), $SMIC (00981.HK)$ Huahong Semiconductor (1347 $HUA HONG SEMI (01347.HK)$ ), and ASMPT (0522 $ASMPT (00522.HK)$ ), covering core segments such as wafer foundry, memory, equipment, and assembly & testing, with 15 holdings each from Hong Kong-listed and non-Hong Kong-listed companies. Since its base date in March 2020, the underlying index has delivered a cumulative return of 426%, with one-year and two-year returns of 72% and 185%, respectively. Investors should note that the ETF is concentrated in the semiconductor sector and is therefore subject to sector-specific and geographic concentration risks, resulting in higher net asset value volatility. Past index performance does not indicate future fund results and is suitable only as a reference for investors who are bullish on the long-term growth of Asia’s semiconductor industry and sustained demand for AI computing power.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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