Hong Kong Market Midday Update: Hang Seng Index Down 1.11%, Alibaba Falls Over 4%

Stock News12:10

The Hang Seng Index in Hong Kong declined by 1.11% during the morning session, dropping 271 points to 24,136.

The Hang Seng Tech Index fell 2.01%. Morning session turnover reached HK$156 billion.

Alibaba-W (09988) shares extended losses, dropping more than 4%. The company announced a management reshuffle for its DingTalk unit, with Chen Hang stepping down as CEO.

Oil and gas stocks advanced across the board. With Iran reportedly closing the Strait of Hormuz completely, international oil prices reversed earlier declines.

Shandong Molong (00568) surged over 17%. Shiteng Holdings (02562) jumped more than 37% after partnering with Mei Ya Entertainment to launch the AI-driven brand "MASYN" to expand cross-border e-commerce in Southeast Asia.

Following renewed official emphasis on developing AI devices for end-users, Minglue Technology-W (02718) soared over 23%. Feisuxin Chuangxin (03355) rose more than 10% on plans to repurchase up to HK$350 million worth of shares.

Shougang Langze (02553) climbed another 22% as the rapid expansion of the global Sustainable Aviation Fuel (SAF) market is expected to create opportunities for the CCUS industry.

Hisense Home Appliances (00921) gained over 9%, with the white goods market showing signs of recovery due to unusually high temperatures and the 618 promotional event.

Kingboard Laminates Holdings (01888) added more than 5%. Citigroup expects the company to issue a strong profit alert as PPE resin faces potential supply disruption risks.

Tiangang International (00826) advanced over 5%, as the company is positioned in a niche core materials sector, with its titanium alloy business potentially offering significant upside.

Optical communication concept stocks continued to weaken. Doubts over the pace of CPO adoption and multiple headwinds, including concerns over AI spending, weighed on sentiment.

Convergence Technology (01729) fell over 4%, while Cambridge Technology (06166) dropped 6%. Jingwei Tiandi (02477) declined more than 8% after the Jingwei Tiandi Group reduced its stake to around 2.2%, ceasing to be a major shareholder.

Automotive stocks extended their recent downtrend. The top 10 passenger car sales in May featured no fuel-powered vehicles, sparking discussions on road maintenance fees for electric vehicles.

XPeng Inc-W (09868) shares dropped 6%, and Li Auto Inc-W (02015) fell 3%.

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