The Hang Seng Index edged down 0.05%, or 11 points, to 25,796, while the Hang Seng Tech Index dropped 1.14%. Midday trading volume in Hong Kong reached HK$162.1 billion.
NEW ORIENTAL-S (09901) surged over 16% after reporting a 7.76-fold year-on-year increase in net profit for the fourth fiscal quarter, with a forecast for revenue growth of up to 18% in the 2027 fiscal year.
Stocks related to the tobacco concept rose against the broader market trend. The industry is now soliciting opinions on a national standard for heated tobacco products, raising expectations for the opening of the HNB product market in China. CTIHK (06055) climbed over 7%; HUABAO INTL (00336) gained 6%; and SMOORE INTL (06969) advanced 5%.
SERES (09927) jumped over 8%. The company's AITO M5 pure electric Max+ model has commenced deliveries, and it is also making strategic moves in the robotics sector.
FOSUN INTL (00656) rose more than 7%, with its core businesses showing strong resilience. The company expects its first-half net profit attributable to shareholders to increase by up to 172% year-on-year.
CHINASOFT INT'L (00354) added another 3% following reports that Kimi, a product from Moonshot AI, has completed a US$3.5 billion Series F financing round.
CONANT OPTICAL (02276) gained over 3%, citing a further diversified customer base and ample production capacity reserves.
BUD APAC (01876) rose over 8% after its results. Its interim profit attributable to equity holders increased by 15.6% year-on-year, beating expectations, and the company has increased its market share in South Korea.
The smartphone supply chain sector was among the worst performers. Qualcomm will raise chip prices starting in September, with increases potentially reaching double digits. FIH (02038) fell 9%; COWELL (01415) dropped 5%; and LENS (06613) declined 6%.
YOFC (06869) fell a further 8% as capacity expansion in the optical fiber industry may break supply bottlenecks, potentially intensifying market competition.
Newly listed ZJ INNOLIGHT (03308) debuted and fell over 7% at midday. The company has ranked first in the global optical interconnect solutions market by revenue for five consecutive years.
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