Hong Kong's three major stock indices all declined collectively. As of the close, the Hang Seng Index fell 1.55% to 23,637.60, the Hang Seng Tech Index dropped 3.02%, and the China Enterprises Index declined 1.48%.
On the board, tech and internet stocks broadly fell, with Lenovo Group Ltd (HKEX: 0992) dropping over 6% and Kuaishou Technology (HKEX: 1024) falling more than 4%. AI-related concept stocks plunged sharply, with PCB concept stock Victory Giant Technology (SZSE: 300476) down over 13%, optical communication sector stock Zhongji Innolight (SZSE: 300308) declining more than 9%, and large model concept stock Zhipu dropping over 10%.
NVIDIA Corporation announced on Thursday that Jensen Huang has resigned from his positions as President, Chief Executive Officer, and Board member, effective immediately. Chief Financial Officer Colette Kress has been appointed as interim CEO. The market is focused on whether the successor management team can continue its aggressive strategy in capacity locking, technological iteration, ecosystem investment, and large-scale artificial intelligence infrastructure projects. Some voices also believe this management shakeup will affect optical module, high-speed connector, server, and PCB computing hardware manufacturers that are deeply tied to NVIDIA.
PCB concept stocks, the optical communication sector, and the application software sector all declined. Gold stocks broadly fell, with Tongguan Gold (HKEX: 6693) dropping over 5%. Regarding the current weak precious metals trend, Société Générale pointed out in a research report released on Thursday that as various funds commence commodity index rebalancing in the new year, the gold market is expected to see over $3 billion in buying support. This injection of incremental capital is expected to provide a temporary breathing opportunity for the precious metals sector, which has been under continuous pressure recently.
Guoxing Aerospace (HKEX: 2460) fell over 3% on its first day of listing. The company is Hong Kong's "first space AI stock," priced at the lower limit of its offering price range at HK$24.9, raising net proceeds of approximately HK$652 million. In terms of subscription enthusiasm, the Hong Kong public offering was oversubscribed 3.43 times, without triggering the clawback mechanism, and the final Hong Kong public offering share ratio remained at 10%. The international offering portion was oversubscribed 1.79 times, with Guotai Junan International serving as the sole sponsor.
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