Hong Kong Market Midday Update: Hang Seng Index Drops 0.93% in Morning Trade as Memory Stocks Buck the Downtrend

Stock News08-14

The Hang Seng Index fell 0.93%, dropping 236 points to 25,160 in morning trading, while the Hang Seng Tech Index declined 1.79%. Hong Kong stocks recorded a morning session turnover of HK$135.7 billion.

Memory concept stocks led the gains, driven by SanDisk's long-term financial guidance significantly exceeding market expectations. The surge in AI demand is expected to extend the memory industry's cyclical upswing. CSOP Double Long SK Hynix (07709) rose 9%, CSOP Double Long Samsung Electronics (07747) gained 4%, GigaDevice (03986) increased 2%, and Montage Technology (06809) added 1%.

Mafangshi (02556) surged over 10% after reporting a 4.6-fold increase in first-half net profit year-on-year, with its AI application business emerging as the core growth engine. Xunce (03317) jumped more than 7% to lead the AI application sector, posting a 389% surge in first-half revenue, with the commercialization of its Token economy far exceeding expectations.

Impro Precision (01286) climbed over 7% intraday after the company raised its full-year performance growth guidance, expecting AI-related products to continue their strong growth trajectory. Weilong Delicious (09985) rose more than 7% following its earnings release, with first-half revenue growing 6.7% and a dividend payout ratio reaching 90%.

Bloks (00325) extended its gains by 10%, as its interim net profit grew 30% year-on-year, marking its first dividend payment since listing. Modern Dental (03600) jumped over 12% after forecasting a more than 30% increase in first-half net profit, with strong performance in Europe and Australia.

On the downside, CK Hutchison Holdings (00001) fell over 5% despite a surge in interim net profit driven by the monetization of UK assets, as the company stated it will maintain a cautious strategy in the second half. CK Asset Holdings (01113) dropped 7% even after reporting a 5% rise in first-half core profit, with Bank of America noting that the absence of a special dividend could disappoint the market.

Hua Hong Semiconductor (01347) plunged 11% after reporting record second-quarter revenue, though Goldman Sachs pointed out that its third-quarter revenue guidance fell short of expectations.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment