The Hang Seng Index fell 0.55%, or 141 points, to 25,656 points in early trading. The Hang Seng Tech Index rose 0.17%. Early session turnover in Hong Kong stocks reached HK$140.7 billion. Major domestic memory manufacturers ChangXin and Yangtze Memory have submitted IPO applications. Hua Hong Semiconductor (01347) surged over 8%, with institutions optimistic about the sustainability of the memory supercycle; the company expects further room for product price increases within the year. SMIC (00981) gained over 8%, stating it is more optimistic about overall operations this year compared to last quarter. GigaDevice (03986) jumped over 14% to a record high, benefiting from the upturn in the memory cycle as two major domestic memory players vie for listing. Biren Technology (06082) rose over 3%; as a leading domestic GPGPU manufacturer, it is poised to fully benefit from the exponential growth in China's AI computing power demand. 51World (06651) soared over 22% as the physical AI trend gains momentum; the company is building a full-chain ecosystem based on its digital twin foundational technology. Biocytogen (02315) climbed over 8%, with its RenBiologics business entering a commercialization realization phase. WuXi Biologics (02268) advanced over 6% again, planning to repurchase up to $100 million in shares, enhancing profit visibility. Guanghe Technology (01989) increased over 4%; the company has initiated pre-research for optical module PCB products, with AI business becoming a core growth engine. New listing UISEE Technology (01511) debuted, falling 2.99% in early trading; the company focuses on L4 autonomous driving in closed scenarios. Top CNC (07688) debuted with a 32% gain; it is a leading enterprise in the aerospace five-axis CNC machine tool field. Man Wah Holdings (01999) continued to decline over 4%, with shares down 15% post-earnings; the company faces profit pressure in fiscal year 2026. "Over-subscription king" Efort Intelligent Equipment (06871) fell over 16% again in early trading, erasing nearly 20% of its gains over the past two days. Datang International Power Generation (00991) dropped over 5%; the company reiterated it has no operational computing-power-electricity synergy projects currently invested in.
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