A-share markets experienced a volatile decline on July 30, with the Shanghai Composite Index initially hovering near the flatline. The Shenzhen Component Index and the ChiNext Board both fell, dropping over 1% each, while the STAR 50 Index shed 2%. The computing hardware and chip semiconductor sectors continued their downward adjustment. In contrast, consumer-related sectors like catering, tourism, and baijiu extended their gains. Precious metals, shipping, automobiles, and agriculture were among the actively traded sectors.
Hong Kong stocks opened higher but then declined, with both the Hang Seng Index and the Hang Seng Tech Index falling. The Hang Seng Tech Index dropped over 1% in early trading. Most tech and internet stocks weakened, and the semiconductor sector also faced pressure, with Hua Hong Semiconductor Ltd falling nearly 6%. Apple concept stocks declined collectively. ZJ INNOLIGHT shares fell below the issue price on their first day of Hong Kong IPO. In the bond market, government bond futures mostly rose. In the commodity market, domestic commodity futures showed mixed performance.
Core Market Movements:
A-shares: As of writing, the Shanghai Composite Index was up 0.25%, the Shenzhen Component Index was down 0.85%, and the ChiNext Index was down 1.84%.
Hong Kong Stocks: As of writing, the Hang Seng Index was down 0.27%, and the Hang Seng Tech Index was down 1.01%.
Bond Market: Government bond futures were mostly lower. As of writing, the 30-year bond futures contract was up 0.08%, the 10-year contract was up 0.03%, the 5-year contract was up 0.03%, and the 2-year contract was flat.
Commodities: Domestic commodity futures showed divergence. As of writing, crude oil was up over 3%, silver was up over 2%, and tin, nickel, aluminum, gold, fuel oil, and stainless steel were all up over 1%. Asphalt, copper, and lithium carbonate were also higher. Industrial silicon, rubber, coking coal, manganese silicon, polysilicon, paper pulp, and hot-rolled coils were lower. Coke, eggs, rebar, caustic soda, soybean meal, iron ore, and glass fell over 1%. The containerized freight index and aluminum oxide fell over 2%.
10:01
Hong Kong-listed ZJ INNOLIGHT shares opened below their issue price on the first day of trading. As of writing, the decline widened to 4.54%, with the stock trading at HK$935.5, giving the company a market capitalisation of approximately HK$1.18 trillion. Zhongji Innolight Co.,Ltd. A-shares also fell in tandem, currently down over 7%.
On the news front, Zhongji Innolight Co.,Ltd. announced on July 28 that the global offering price for its H-shares was set at HK$980 per share. Based on the base issuance of 54.5 million shares, the corresponding fundraising amount is approximately HK$53.4 billion, securing the top spot for Hong Kong IPO fundraising in 2026. If the sponsor fully exercises the 15% over-allotment option, issuing an additional 8.175 million shares, the total fundraising scale could reach nearly HK$61 billion.
From the explosion of the CPO (co-packaged optics) concept in 2023 to the end of 2025, Zhongji Innolight Co.,Ltd. A-shares accumulated gains of over ten times. Entering 2026, the stock price surged by another 120% at one point, reaching a high of 1,416.88 yuan on June 22, pushing its total A-share market capitalisation above 1.3 trillion yuan. As of writing, the A-share market cap of Zhongji Innolight Co.,Ltd. has fallen back to 1.02 trillion yuan.
09:53
Computing hardware stocks fell back into adjustment, with sectors like optical modules and optical chips leading the declines.
The semiconductor sector faced pressure, with Starvision Technology, Allwinner Technology, Youyan Silicon, and Rockchip among the top losers.
09:48
The baijiu concept saw a volatile uptrend, with Shede Spirits hitting the daily limit up. Kweichow Moutai, Gujing Gongjiu, Jiugui Liquor, Jinhui Liquor, and Kouzijiao followed the gains. On the news front, recently, direct-sale stores of Kweichow Moutai in Beijing, Shanghai, and other cities have raised the selling price of 53-degree, 500ml Feitian Moutai to 1,719 yuan per bottle, higher than the 1,639 yuan price on the iMoutai platform.
The baijiu concept saw a volatile uptrend, with Shede Spirits hitting the daily limit up. Kweichow Moutai, Gujing Gongjiu, Jiugui Liquor, Jinhui Liquor, and Kouzijiao followed the gains. On the news front, recently, the State Council approved and released the "15th Five-Year Plan for Expanding Consumption," which clearly states the need to "follow the laws of consumption development and stage characteristics" and adhere to "supply-demand matching."
09:41
In early trading, the precious metals sector rebounded, with Zhaoguan Gold hitting the daily limit up. Chifeng Gold, Western Gold, Shanjin International, Sichuan Gold, and Zhongjin Gold followed the gains.
The oil and gas concept was active, with Tongyuan Petroleum once surging nearly 10%, followed by Keli Co., Taishan Petroleum, CNOOC, Shandong Molong, and SINOPEC Oilfield Service.
09:37
In early trading, the MLCC concept strengthened. Shuangxing New Material hit the daily limit up, followed by Jiemei Technology, Yunzhong Technology, Sinocera, and Fenghua Advanced Technology.
On the news front, on July 29, Samsung Electro-Mechanics announced a 30% price increase for MLCCs starting in August. The company has notified its distribution partners of the price hike, effective for all shipments from August 1. Another MLCC leader, Japan's Taiyo Yuden, also notified of a price increase for MLCCs shipped from September 1. The reason cited for the price increase is the sharp rise in the cost of raw materials and auxiliary materials.
09:26
The Shanghai Composite Index opened 0.43% lower, and the ChiNext Index fell 1.4%. The semiconductor and computing hardware industry chains continued their adjustment, with server, lithography machine, and CPO sectors leading the declines. Gold, oil and gas, and coal sectors strengthened.
09:21
The Hang Seng Index opened 0.26% higher, and the Hang Seng Tech Index rose 0.43%. New Oriental rose over 14%, and Xiaomi Group, Meituan, and Zhipu AI were among the top gainers. Hua Hong Semiconductor Ltd and Semiconductor Manufacturing International were among the top losers.
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