Hong Kong's three major indices showed mixed performance. By the midday close, the Hang Seng Index had fallen 0.55% to 25,656.25 points, while the Hang Seng Tech Index rose 0.17%. The Hang Seng China Enterprises Index declined 0.4%.
Sector performance varied. Technology and internet stocks were mixed: Bilibili fell over 4%, while Xiaomi, Kuaishou, and Baidu each dropped more than 1%. JD.com gained over 1%. The semiconductor sector strengthened, with GigaDevice Semiconductor leading gains, surging over 14%. Gold stocks faced downward pressure, as Zhufeng Gold declined more than 6%. Two new stocks debuted today: Shanghai Top Numerical Control Technology Co., Ltd. surged over 32% on its first trading day, while UISEE Technology fell more than 2%.
The semiconductor sector's strength was notable. GigaDevice Semiconductor's rise of over 14% followed news from the China Securities Regulatory Commission website. Yangtze Memory Technologies Co., Ltd. (YMTC) filed a report for its initial public offering and listing guidance, a process closely watched by the market. Its wholly-owned subsidiary, Yangtze Memory Technologies, was newly listed on the Hurun Research Institute's "2025 Global Unicorn Index" with a valuation of 160 billion yuan, ranking 9th among China's top ten unicorns and 21st globally, making it the highest-valued new unicorn in the semiconductor industry. Additionally, media reports from April 16 citing industry sources indicated that since the fourth quarter of last year, ChangXin Memory Technologies (CXMT) and YMTC have been experiencing competitive "stockpiling" of materials, a situation that reportedly continues.
Gold stocks declined, with Zhufeng Gold dropping over 6%. This movement was influenced by inflation concerns driving U.S. Treasury yields higher, leading to a significant drop in gold and silver prices late yesterday. Notably, the yield on the 30-year U.S. Treasury rose to 5.195%, reaching its highest level since 2007. Dramatically, a "fat finger" trade during the session caused a brief plunge of over 17% in domestic Shanghai gold futures. In early Asian trading, spot gold retreated briefly, falling below $4,460 per ounce with a daily loss of 0.5%. Fadi Al Kurdi of FFA Kings noted in an email that gold prices might continue to face pressure amid rising yields and a strong U.S. dollar. Some analysis suggests that while short-term adjustments persist due to interest rate and dollar pressures, the core logic supporting gold's long-term upward trend remains intact, with the market viewing the current pullback as a potentially "healthy correction."
Regarding the new listings, Shanghai Top Numerical Control Technology Co., Ltd. priced its H shares at HK$26.39 each. The global offering comprised 65.33 million H shares, raising approximately HK$1.724 billion in total. The public offering portion was oversubscribed by over 3,700 times. Guotai Junan International and CCB International acted as joint sponsors. UISEE Technology priced its H shares at HK$59.8 each. The global offering involved 14.4612 million H shares, raising about HK$865 million in total, with CITIC Securities acting as the sole sponsor.
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