Hong Kong Market Volatility: Chip and Auto Stocks Rise Against the Trend as HSI Falls Below 25,000 Mark
The Hong Kong stock market showed weakness today, with the Hang Seng Index dropping more than 300 points shortly after the opening, breaking below the psychological barrier of 25,000 points. Financial and technology stocks were under pressure across the board, as market sentiment was affected by various external factors. In the Japanese and Korean markets, stocks also trended lower in early trading. Additionally, U.S. Federal Reserve officials mentioned the possibility of future interest rate hikes, and the Japanese yen's exchange rate approached the 159.56 level—near the threshold for government intervention—causing concern among investors.
Despite the overall market decline, the chip sector performed brilliantly. Driven by the continuous rise in the stock price of U.S. chip giant Micron, Hong Kong chip stocks strengthened collectively. SMIC's stock price rose by more than 7%, while Hua Hong Semiconductor surged by 13%. Although the Philadelphia Semiconductor Index has recently pulled back, market enthusiasm for the chip industry remains undiminished, making it the focus of today's market.
There was also good news in the electric vehicle market today. NIO's stock price jumped nearly 10%, mainly because the company launched its new model, the ES9, with a "battery rental version" starting price of only 390,000 RMB. This competitive pricing attracted market attention. Furthermore, NIO's American Depositary Receipts (ADS) recorded significant gains overnight, further boosting its performance in the Hong Kong market.
Regarding individual stocks, the newly listed Deepleaper (深演智能) showed an amazing performance, with its stock price surging over 49% again on its second day of listing, accompanied by a significant increase in trading volume. Meanwhile, well-known investor Duan Yongping continued to increase his holdings in Pop Mart. This news drove the company's stock price to open 4% higher, marking four consecutive days of gains and indicating growing market confidence in the brand.
Tech giant Kuaishou's performance was relatively volatile, with its stock price falling about 2% at the opening. Although Kuaishou's first-quarter net profit decreased by 27% year-on-year, its performance still exceeded market expectations, and revenue from its "Kling" business tripled. In terms of fundraising, AI company Unisound plans to raise approximately HK$380 million through a private placement to develop its AI business, marking the company's third fundraising activity this year.
Another tech company, CIGIS (Cambridge Industries Group), also announced a large-scale financing plan, intending to raise nearly HK$2 billion to expand its core components business and global layout. In international markets, reports indicate that Wall Street funds are actively cashing out in preparation for SpaceX's listing. Finally, UC Rusal and Maanshan Iron & Steel respectively announced their latest contract signings and equity change news, reflecting corporate strategic adjustments in a changing environment.