Hong Kong stocks extended losses at midday, with the Hang Seng Index falling 208 points to close the morning session at 24,923, down 0.83%. The index dropped below the 25,000 level at market open and saw selling pressure intensify as large-cap tech stocks led the decline. The selloff followed the previous day's 10-point drop, with the index fluctuating between a low of 24,836 and a high of 25,040 during morning trading. The Hang Seng China Enterprises Index fell 94 points or 1.13% to 8,266, while the Hang Seng Tech Index underperformed with a 101-point or 2.11% decline to 4,713. Midday turnover reached HK$169.341 billion, with northbound capital recording a net inflow of HK$4.199 billion.
Tech Stocks Lead Midday Decline
Tencent (00700) and NetEase (09999) were the worst-performing blue chips at midday, falling 5.7% to HK$446.8 and 6.2% to HK$195.4 respectively. Alibaba (09988) declined 2.1% to HK$114.6, Meituan (03690) dropped 2.7% to HK$82.9, and Baidu (09888) fell 2% to HK$105.1. JD.com (09618) declined 2.3% to HK$118.3, Xiaomi (01810) fell 2.7% to HK$26.68, and Kuaishou (01024) dropped 4.1% to HK$43.26.
Gold Mining Stocks Rally on Price Recovery
Gold mining stocks and related shares advanced as international gold prices recovered. Zijin Mining (02899) and Chow Tai Fook Jewellery (06181) were the best-performing blue chips at midday, rising 7.2% to HK$33.78 and 8.1% to HK$404.6 respectively. Zhaojin Mining (02259) surged 11.4% to HK$120.5, while Shandong Gold (01787) climbed 8% to HK$20.46.
AI Stocks Fall After US Investigation Announcement
US Treasury Secretary Bessent mentioned potential sanctions on China following a US investigation into Chinese companies allegedly distilling US AI models. Zhipu (02513), which rebounded 37% in the previous session, fell 2.7% to HK$1,186. MiniMax (00100) declined 8% to HK$204.
Topsports Plunges on Nike Platform Termination
Topsports (06110) plummeted 24.1% to HK$1.45 after announcing that online platform sales of Nike products in mainland China will be fully terminated starting next year.
Other notable movers included Lenovo (00992) up 6.5% to HK$24.74, China Life Insurance (02628) up 2% to HK$28.02, Aluminum Corporation of China (02600) up 2.6% to HK$8.14, SMIC (00981) up 1.7% to HK$76.8, and HSBC (00005) up 0.8% to HK$157.8. Geely Automobile (00175) fell 3.7% to HK$17.93, BYD (01211) dropped 2.3% to HK$87.75, and Pop Mart (09992) declined 2.3% to HK$159.4.
FAQ
What caused Hong Kong stocks to fall at midday?
Hong Kong stocks fell 208 points at midday, with the Hang Seng Index closing the morning session at 24,923, down 0.83%. The decline was led by large-cap tech stocks, with Tencent falling 5.7% and NetEase dropping 6.2%.
Which stocks performed best during midday trading?
Gold mining stocks were the best performers at midday. Zijin Mining rose 7.2% to HK$33.78 and Chow Tai Fook Jewellery climbed 8.1% to HK$404.6, driven by a recovery in international gold prices.
Why did Topsports stock plunge?
Topsports plummeted 24.1% to HK$1.45 after announcing that online platform sales of Nike products in mainland China will be fully terminated starting next year.
