Hong Kong stocks closed mixed on Thursday as investors awaited Federal Reserve Chair Warsh's highly anticipated speech at the Jackson Hole symposium. The Hang Seng Index rose 0.07% or 19.05 points to close at 25,584.79, with total turnover reaching HK$231.209 billion.
The Hang Seng China Enterprises Index finished flat at 8,490.39 points, while the Hang Seng Tech Index fell 0.33% to 4,605.15 points. On a weekly basis, the Hang Seng Index lost 1.63%, the HSCEI declined 1.67%, and the HSTECH dropped 3.38%.
Where the market stands
Analysts at Soochow Securities believe the recent uptick in the Hang Seng Index demonstrates lingering market resilience, though external interest rate conditions continue to exert pressure, resulting in a largely structural market pattern. Everbright Securities suggests investors should focus on identifying selective opportunities, noting that the Hong Kong market lacks the foundation for a broad bull run and has instead entered a phase characterized by defensive positioning at the core with growth-seeking strategies.
Blue-chip movers
Orient Overseas International (00316) led blue-chip declines, falling 8.65% to HK$156.2 with turnover of HK$463 million, dragging the index down 3.1 points. The company reported first-half revenue of US$5.173 billion, up 6.1% year-on-year; gross profit of US$838 million, down 13.5%; and net profit of US$728 million, a decline of 23.7%, with earnings per share of US$1.10. The interim dividend was set at 55 US cents, compared to 72 US cents in the prior-year period.
Among other blue chips, BYD Electronic (00285) surged 6.27% to HK$24.76, contributing 1.76 points to the index; Aluminum Corporation of China (02600) gained 3.61% to HK$8.765, adding 1.75 points; Techtronic Industries (00669) fell 2.52% to HK$135.2, shaving 7.8 points off the index; and China Overseas Land & Investment (00688) dropped 2.47% to HK$13.82, subtracting 2.02 points.
Sector highlights
Large technology stocks traded divergently, with Tencent advancing 1.65% while Alibaba came under pressure, falling 1.39%. SaaS concept stocks rallied following Salesforce's better-than-expected earnings, with Kingdee International surging nearly 12% intraday. Spot gold and silver rose in the afternoon session, lifting most gold stocks. Mainland property developers made a strong showing, with Sunac China at one point climbing over 15% in the afternoon.
On the downside, memory, PCB, and semiconductor concepts collectively retreated, with Victory Giant Technology (02476) tumbling nearly 13% after its earnings release.
Gold stocks lead gains
By the close, China Gold International (02099) jumped 7.72% to HK$273.4, China Silver Group (00815) rose 7.27% to HK$0.295, and Chifeng Jilong Gold Mining (06693) gained 3.55% to HK$43.8. Spot gold climbed back above US$4,600 per ounce in the afternoon, while spot silver broke through US$70, hitting its highest level since June 17. CITIC Futures noted that gold may continue to consolidate at elevated levels until Warsh's speech, with near-term focus on his policy remarks at Jackson Hole, the reopening of shipping routes in the Red Sea, and the US August non-farm payrolls data due on September 4. In the medium term, US fiscal credit concerns and dollar depreciation logic continue to provide solid support for gold.
Software stocks broadly advance
At market close, Kingdee International (00268) rose 6.23% to HK$8.95, MetaWorks Platforms (02556) gained 4.68% to HK$55.95, and Jushengtan (06687) climbed 2.34% to HK$15.72. Overnight, US enterprise software giant Salesforce surged over 22%, as its better-than-expected earnings shattered the prevailing market narrative that "models would swallow software." Salesforce reported second-quarter revenue of US$11.35 billion, up 11% year-on-year, and net profit of US$3.53 billion, up 87%, with all key performance metrics exceeding market expectations. Management directly addressed concerns about "AI disrupting SaaS," noting that customer churn rates fell to historic lows, net new AOV growth hit a four-year high, and bookings for high-tier AI products such as A1E and A4X doubled quarter-over-quarter, demonstrating that AI is not diminishing the value of SaaS platforms but rather generating new incremental monetization.
Mainland property developers active
By the close, Sunac China (01918) advanced 10.66% to HK$0.675, CIFI Holdings Group (00884) rose 5.41% to HK$0.039, and Logan Group (03380) gained 3.21% to HK$1.445. Multiple cities have recently rolled out property-related policies, with Beijing, Shanghai, Chengdu, and Xi'an all releasing supportive measures including adjustments to purchase restrictions, lower down payment ratios, and higher provident fund loan ceilings. Market observers believe these policy releases are well-timed to build momentum for the traditional "golden September and silver October" peak selling season. CSC Financial noted that while national sales data continue to decline, quality developers with core city exposure are already seeing sustained structural improvement, with those developers still posting year-on-year sales growth, suggesting the sector has overreacted to pessimistic expectations.
Tech stocks under pressure
Memory, PCB, and semiconductor-related tech stocks led the declines. At the close, Victory Giant Technology (02476) plunged 12.96% to HK$220.2, GigaDevice Semiconductor (03986) fell 5.81% to HK$486, and Montage Technology (06809) dropped 5.38% to HK$285. Victory Giant Technology suffered significant losses following its earnings announcement. In the first half of the year, the company generated revenue of approximately RMB 11.6 billion, up nearly 29% year-on-year, with net profit attributable to shareholders of close to RMB 2.9 billion, up over 33%. Additionally, an announcement this morning regarding controlling shareholder Chen Tao transferring his shareholdings to his spouse drew market attention, coming two months after a previous controversy. Chen Tao transferred 39% of Shenghuaxinye and 35% of Hongda Investment to his spouse Liu Chunlan, with both parties continuing to sign a concert party agreement, meaning the company's actual control has not changed.
Notably, Federal Reserve Chair Warsh is scheduled to deliver his most closely watched public address since taking office at the Jackson Hole symposium tonight. Bank of America warned that if Warsh fails to signal a clear rate hike trajectory, the US 30-year Treasury yield could surge to 5.5% or even higher. Separately, according to reports citing eight people familiar with the discussions, the Trump administration is considering a fresh round of comprehensive tariffs on semiconductors, despite warnings from tech companies that such levies could derail US ambitions to maintain dominance in artificial intelligence.
Notable stock movements
Hygeia Healthcare (06078) showed strength throughout the session, closing up 12.2% at HK$10.58. The company released its 2026 interim results, reporting first-half revenue of RMB 1.96 billion, down 1.4% year-on-year; net profit of RMB 260 million, up 4.7%; and adjusted net profit of RMB 270 million, up 1.5% year-on-year and 38.1% quarter-on-quarter. Gross margin stood at 27.4% with an adjusted net margin of 13.6%, both stabilizing and recovering on a year-on-year basis.
Guoshengtang (02273) rallied in the afternoon, closing up 8.26% at HK$29.1. The company released its 2026 interim results at midday, reporting revenue of RMB 1.653 billion for the first half, up 10.57% year-on-year, with profit attributable to shareholders of RMB 221 million, up 45.54%. The company declared an interim dividend of HK$1.15 per share, compared to HK$0.35 in the prior-year period, representing a 229% increase.
Guming (01364) delivered a standout performance, closing up 5.56% at HK$26.6. The company reported first-half revenue of RMB 7.47 billion, up 31.9% year-on-year; profit attributable to owners of the parent of RMB 1.571 billion, down 3.4%; adjusted profit of RMB 1.568 billion, up 44.4%; and adjusted core profit of RMB 1.730 billion, up 53.3%. Total GMV for the first half reached RMB 19.747 billion, a 40.11% increase year-on-year.
Shimao Group (00813) saw its share price plunge 11.94% to HK$0.059. The company announced last night that Guotong Trust Co., Ltd. had filed a winding-up petition against the company with the Hong Kong High Court on August 27, relating to judgment debts arising from four judgments by mainland Chinese courts totaling RMB 2.498 billion. The High Court has scheduled the first hearing of the petition for November 11.
Zoomlion Heavy Industry (01157) fell sharply after its earnings release, closing down 9.35% at HK$6.305. The company reported first-half revenue of RMB 27.135 billion, up 9.17% year-on-year, with growth in both domestic and overseas markets. Domestic revenue reached RMB 11.6 billion, up 5.08%, while overseas revenue was RMB 15.535 billion, up 12.45%. Net profit attributable to the parent company during the period was RMB 2.102 billion, down 23.97% year-on-year.
Comments