Hang Seng Index Opens Lower as Tech Stocks Retreat; Tianqi Lithium Surges 5% on Earnings
SingTao · 2 SOURCESabout 2 hours ago2 MIN
Summary
The Hang Seng Index opened 155 points lower on Thursday, trading at 25,410 points, as technology stocks faced broad selling pressure despite overnight strength in U.S. markets. Nvidia's impressive earnings continued to provide tailwinds for global markets, with the stock surging 8.7% on Wednesday. In Hong Kong, Tianqi Lithium emerged as a standout performer, jumping over 5% after reporting blockbuster first-half results showing a near 50-fold increase in net profit. Meanwhile, mainland Chinese capital continued flowing into Hong Kong stocks, with southbound trading showing a net buying position of HK$3.2 billion.
Key Points
- Hang Seng Index opened at 25,410 points, down 155 points; H-shares Index fell 64 points to 8,425 points
- Tech Index opened 39 points lower at 4,580 points
- Alibaba (9988) led decliners among tech giants, opening down 2.08% at HK$113.1
- Tencent (700) opened 0.85% lower at HK$444; Meituan (3690) down 1.23% at HK$76.55
- Nvidia reported strong quarterly results, closing at US$227.98, up 8.7%, adding US$442 billion in market value in a single day
- Salesforce shares surged over 22% after beating earnings expectations and announcing an AI partnership with Anthropic
- Tianqi Lithium (9696) opened at HK$38.88, up 5.19%, after reporting H1 2026 revenue of 122.42 billion yuan (+153.32% year-on-year) and net profit of 42.42 billion yuan (+4,925% year-on-year)
- Southbound trading recorded net inflows of HK$3.2 billion, with MiniMax (100), Xiaomi (1810) and Tencent (700) attracting 878 million, 492 million and 447 million respectively
- SMIC (981) reported 110% profit increase for H1, opening 0.42% higher at HK$71.6
Why It Matters
The divergence between U.S. tech strength and Hong Kong's market weakness highlights ongoing concerns about China's technology sector amid regulatory uncertainty and geopolitical tensions. Tianqi Lithium's exceptional earnings performance underscores robust demand for lithium products critical to electric vehicle batteries, while the continued southbound capital inflows suggest mainland investors remain constructive on Hong Kong equities despite near-term market volatility.
The divergence between U.S. tech strength and Hong Kong's market weakness highlights ongoing concerns about China's technology sector amid regulatory uncertainty and geopolitical tensions. Tianqi Lithium's exceptional earnings performance underscores robust demand for lithium products critical to electric vehicle batteries, while the continued southbound capital inflows suggest mainland investors remain constructive on Hong Kong equities despite near-term market volatility.