Hong Kong Stock Market Midday Review | The Hong Kong stock market opened lower and continued to decline, with the Technology Index falling by 3.68%; technology and internet stocks as well as gold stocks weakened, Alibaba dropped over 3%, and Zijin Mining

Futu News reported on February 2 that Hong Kong’s three major indices all declined.$Hang Seng Index (800000.HK)$Down 2.40%,$Hang Seng TECH Index (800700.HK)$dropped by 3.68%,$Hang Seng China Enterprises Index (800100.HK)$fell by 2.71%.

By the midday close, 420 stocks on the Hong Kong market had risen, 1,637 had fallen, and 1,096 remained unchanged.

In the technology sector, major tech companies experienced declines: Bilibili-W dropped by 4.47%, SenseTime-W fell by 3.64%, Baidu Group-SW decreased by 3.60%, Kuaishou-W dropped by 3.49%, Alibaba-W fell by 3.25%, Xiaomi Group-W declined by 2.99%, Meituan-W dropped by 2.67%, and Tencent fell by 1.32%.

Gold stocks broadly declined, with Shandong Gold falling by 10.62%, China Silver Group dropping by 10.00%, Chifeng Gold declining by 9.52%, Lingbao Gold falling by 8.70%, Zijin Mining dropping by 7.51%, Zijin Mining decreasing by 6.63%, China Gold International falling by 5.85%, and Zijin Gold International dropping by 5.40%.

Automobile stocks also performed poorly, with Xiangfeng Group plummeting by 72.54%, XPeng Motors-W falling by 9.00%, BYD dropping by 7.83%, Nio-SW declining by 6.01%, Leapmotor falling by 5.09%, Great Wall Motors dropping by 4.83%, Li Auto-W declining by 3.64%, and Geely Auto falling by 2.86%.

Non-ferrous metal stocks generally fell, with Shandong Gold dropping 10.62%, Jiangxi Copper falling 8.85%, Zhaojin Mining sliding 7.51%, Zijin Mining decreasing 6.63%, Zijin Gold International down 5.40%, Aluminum Corporation of China declining 4.98%, Luoyang Molybdenum losing 4.75%, and China Hongqiao shedding 2.77%.

Semiconductor stocks weakened, with Huahong Semiconductor plunging 10.47%, GigaDevice falling 7.52%, Innoscience dropping 5.65%, Shanghai Fudan declining 5.12%, SMIC retreating 4.77%, TianShu ZhiXin losing 2.95%, FORTIOR slipping 2.80%, and OmniVision Group edging down 0.29%.

Construction materials stocks declined, with Western Cement plummeting 11.47%, China National Building Material falling 10.68%, Anhui Conch Cement shedding 3.79%, CR Building Materials Technology dropping 3.51%, Hua Xin Building Materials sliding 3.12%, Beijing Enterprises Urban Resources Group down 2.44%, and China Lesso Group losing 1.67%.

China’s three major telecom operators’ H-shares collectively dropped, with China Unicom plunging nearly 9%, China Telecom falling close to 8%, and China Mobile sliding nearly 3%. The VAT rate for basic telecom services has been raised to 9%, which is expected to impact the companies’ revenue and profits.

In terms of individual stocks,$WESTCHINACEMENT (02233.HK)$The stock fell over 11% after announcing plans to issue $300 million worth of 10.5% senior notes.

$GWMOTOR (02333.HK)$The stock dropped nearly 5% as Citi indicated that the company’s 2025 earnings would be weaker than expected due to increased investments leading to a decline in net profit.

$UNISOUND (09678.HK)$Shares surged nearly 13%, driven by an over tenfold increase in full-year large model business revenue, alongside the significant launch of Shanhai · Zhiyin 2.0.

$YOFC (06869.HK)$Shares rose over 3%, hitting another record high intraday. Analysts noted that fiber optic cable products are likely to continue seeing both volume and price increases.

$CHINA SHENHUA (01088.HK)$The stock fell over 5% as coal sales volume and average selling prices decreased, with last year’s profit expected to decline between 6.3% to 14.7% year-over-year.

$EAST BUY (01797.HK)$The stock once surged over 9% intraday, accumulating nearly a 30% rise over the past three days, currently up nearly 3%. This follows an announcement that the company achieved profitability in the first half of the fiscal year.

$WANGUO GOLD GP (03939.HK)$Up nearly 5%, Chen Jinghe, founder of Zijin Mining, has been appointed as the company’s Chief Advisor.

$SANDS CHINA LTD (01928.HK)$Up nearly 4%, Macau’s January gaming revenue exceeded expectations.

$DRINDA (02865.HK)$The Hong Kong stock market rose nearly 7%. SpaceX applied to deploy one million satellites. Institutions are optimistic about the solar power satellite and equipment sectors benefiting.

$POP MART (09992.HK)$Up more than 1%, it once rose nearly 5% during trading. Recently, London was announced as the location for the European headquarters, continuing to explore the creative value of intellectual property.

$DC HOLDINGS (00861.HK)$The Hong Kong stock once surged nearly 50% and is currently up over 11%. Its subsidiary, Digital China Information, expects its annual profit to turn from a loss to a profit.

The two major model stocks in the Hong Kong stock market rose against the market trend.$MINIMAX-WP (00100.HK)$rose nearly 9%,$KNOWLEDGE ATLAS (02513.HK)$Up nearly 1%. Recently, MiniMax launched a desktop version and ‘Expert Agents’, closing the loop between Agents and local work environments. Additionally, the AI Agent field has seen a ‘tooling’ explosion.

Top 10 in half-day trading volume

Editor/Melody