Hong Kong Market Midday Recap: Hang Seng Index Down 1.38% in Early Session; Memory Chip Stocks Buck the Trend

The Hang Seng Index in Hong Kong declined by 1.38%, shedding 323 points to reach 23,088 points by the midday break.

The Hang Seng Tech Index also fell, dropping 1.67%.

Early session turnover for Hong Kong stocks amounted to HK$174.3 billion.

Memory-related stocks collectively advanced.

Strong earnings and guidance from Micron Technology, which significantly exceeded expectations, provided further evidence for a super-cycle in the memory sector.

CSOP 2x Long Samsung ETF (07747) rose 9.7%, while CSOP 2x Long SK Hynix ETF (07709) surged 16%.

Montage Technology Co Ltd (06809) gained 4%, and GigaDevice Semiconductor Inc (03986) increased by 7%.

Iluvatar CoreX (09903) climbed another 8.5% to a fresh high, as the company benefits from robust demand and supply in AI computing power and the rising localization rate of GPUs.

PCB concept stocks continued their upward trajectory.

With Kingboard having implemented five price increases this year, and potential pre-stocking before Rubin reaches full production, related shares gained.

Guanghe Technology Group Co Ltd (01989) rose 8%, and Kingboard Laminates Holdings Ltd (01888) advanced 5.93%.

Shougang Langze (02553) jumped nearly 7%, also hitting a new high, as the integration of CCUS technology into on-site data centers emerges as an industry trend.

Insilico Medicine (03696) gained 9%, with its first AI-discovered drug candidate, Rentosertib, set to enter Phase III clinical trials.

Haichen Smart Unit Co Ltd (01392) rose over 7%, as the global multispectral AI market is poised for rapid expansion, and the company holds a first-mover advantage in high-value scenarios.

Yangtze Optical Fibre and Cable Joint Stock Ltd (06869) increased by more than 7%, driven by high industry demand for optical fibre amid the AI super-cycle.

Lithium battery concept stocks collectively moved lower.

Lithium carbonate prices have fallen nearly CNY 50,000 per ton in the past month and a half, with market focus on the resumption progress at the Jianxiawo project.

Ganfeng Lithium Group Co Ltd (01772) fell 5.9%, and Lopal Tech Co Ltd (02465) declined 5.65%.

Carsgen Therapeutics Ltd - B (02171) dropped over 10% again; the world's first CAR-T therapy for solid tumors is priced at CNY 990,000 per dose, with only about 200 orders expected this year.

Cosco Shipping Energy Transportation Co Ltd (01138) retreated more than 6%, as full passage through the Strait remains challenging and compliant shipowners maintain a cautious stance.

Trip.com Group Ltd - S (09961) fell over 10%; while its first-quarter adjusted EBITDA grew 13.7%, net revenue growth for the second quarter is projected to slow to a range of 3% to 8%.