Hang Seng Index Edges Down 31 Points; Xiaomi Tumbles 4%, Lenovo Surges 6%
SingTao · 1 SOURCES1 day ago2 MIN
Summary
Hong Kong equities opened higher by 48 points on Tuesday morning but quickly lost momentum, turning negative as selling pressure intensified across major technology names. The Hang Seng Index dipped as low as 23,103 before trimming losses to finish the morning session at 23,180, down 31 points or 0.14%, with turnover reaching HK$88.6 billion. The Tech Index fell 29 points or 0.77% to 3,827.
Key Points
- Xiaomi (1810) was the weakest performer among tech stocks, plummeting 4.1% to close at HK$37.4
- Lenovo (992) surged 5.8% to HK$23, becoming the best-performing blue chip; Morgan Stanley forecast Q2 revenue of US$28.6 billion (+40% YoY) and adjusted net profit of US$1.281 billion (+150% YoY), 12% above consensus
- AI concept stocks rallied as Anthropic officially filed its S-1 for a Nasdaq listing; Zhipu AI (2513) jumped 9.4% to HK$553 and MiniMax (100) rose 1.9%
- Property stocks remained under pressure, with Shimao Group (813) extending Monday's 20% plunge with another 11% decline after a liquidation petition triggered a default on over US$90 billion of offshore debt
- US markets supported sentiment overnight: the Dow Jones rose 146 points to 52,361, the S&P 500 gained 53 points to 7,676, and the Nasdaq added 214 points to 26,169
Why It Matters
The divergence between AI-related stocks and property developers highlights the market's selective appetite amid lingering concerns over mainland China's property sector. With Anthropic's listing application reigniting interest in artificial intelligence plays, Hong Kong-listed AI stocks are likely to remain in focus as investors seek exposure to the global AI boom through regional markets .
The divergence between AI-related stocks and property developers highlights the market's selective appetite amid lingering concerns over mainland China's property sector. With Anthropic's listing application reigniting interest in artificial intelligence plays, Hong Kong-listed AI stocks are likely to remain in focus as investors seek exposure to the global AI boom through regional markets .