Hong Kong's stock market experienced a day of volatile trading, ending with declines across its three major indices. At the close, the Hang Seng Index was down 1.11% at 25,675.18 points, the Hang Seng China Enterprises Index fell 1.07% to 8,597.97 points, and the Hang Seng Tech Index dropped 1.95% to 4,844.94 points. All three indices recorded their third consecutive day of losses.
In terms of sector performance, heavyweight technology stocks declined. NetEase fell over 2%, while Tencent, Kuaishou, and JD.com Group each dropped more than 1%. Automotive stocks also weakened, with Li Auto plunging over 14% and Leapmotor declining over 7%. Most property stocks were lower; Longfor Group and China Jinmao Holdings fell over 7%, while China Resources Land and Sun Hung Kai Properties dropped more than 4%. Internet healthcare stocks weakened, with Dingdang Health down 5%, JD Health falling over 4%, and Alibaba Health off over 3%.
On the positive side, telecommunications stocks strengthened. China Telecom rose over 6%, while China Unicom, China Mobile, and China Communications Services also gained. Oil stocks were active, with CNOOC up over 1%, followed by PetroChina and China Oilfield Services.
In a notable move, the biopharmaceutical stock KINTOR PHARMA-B saw a dramatic surge in late trading, at one point soaring over 150%. It closed the session up 66.31%, bringing its latest total market capitalization to approximately 73 billion Hong Kong dollars.
Regarding news, KINTOR PHARMA announced in March this year that it had signed a strategic cooperation agreement with Tengrui Pharmaceutical for the commercialization of its product, Pidakang, in mainland China. The core commercialization goal established in the agreement is to achieve cumulative sales exceeding 10 billion yuan. According to the cooperation agreement, Tengrui Pharmaceutical will pay a total of approximately 140 million Hong Kong dollars in royalties to the company.
It is worth noting that on May 12, Fangzhou Jianke and Tengrui Pharmaceutical held a strategic cooperation signing ceremony. Following this strategic signing, the highly anticipated innovative GLP-1 drug Pidakang (Vipenapeptide Injection) will soon be launched across the network on the Fangzhou Jianke Internet Hospital platform.
Telecommunications stocks performed notably well. China Telecom rose over 6%, China Unicom gained nearly 4%, and China Mobile and China Communications Services also advanced.
On the news front, on May 17, China Telecom officially announced the launch of a series of trial commercial token packages. These packages are open to different types of customers, including individual and family clients, developers, small and medium-sized enterprise clients, and China Telecom's token ecosystem partners.
Some analysts believe that as anchor enterprises in the industrial chain, telecom operators can not only provide underlying infrastructure services such as networks, data centers, and AI clouds but also extensively connect with upstream and downstream partners like AI chips, servers, switches, optical modules, optical fibers, and AI large models, thereby building a relatively comprehensive ecosystem for win-win cooperation.
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