Hong Kong's benchmark Hang Seng Index slipped 2.09%, shedding 544 points to close the morning session at 25,465 points, while the Hang Seng Tech Index fell by a sharper 3.84%. Trading volume during the morning session reached HK$167.9 billion as investor sentiment remained cautious.
Technology and internet stocks mostly declined, pressured by Alibaba's share placement announcement and the news that famed investor Michael Burry had liquidated his positions. Alibaba-W (09988) tumbled more than 9%, leading the losses among blue-chip stocks and dragging down the broader sector.
Lithium stocks bucked the downtrend, moving higher as lithium carbonate prices surged nearly 4% during intraday trading. Market participants are closely monitoring the potential restart of production at the Xiawozi mine, with downstream demand showing signs of recovery. Ganfeng Lithium (01772) advanced 5%, while Tianqi Lithium (09696) gained 1%.
Qunji Group (00917) jumped more than 26% after reporting that its AI interactive marketing business revenue had doubled year-over-year, with gross margins exceeding 93%. The strong performance underscored the company's successful pivot toward high-margin technology-driven services.
Dianshi-B (02526) continued its upward trajectory, climbing over 33% to reach fresh all-time highs. The company also received inclusion in both the Hang Seng Composite Index and the Hang Seng Biotechnology Index, boosting investor confidence in its growth prospects.
Raybow Bio-B (06938) rose more than 8% following its inclusion in the Hang Seng Composite Index, which could pave the way for the stock to become eligible for the Stock Connect program. The company also projected first-half revenue growth of up to 320% year-over-year.
Xinjiang Xinxin Mining (03833) added 4.5% after reporting that its attributable net profit for the first half surged 248% year-over-year, supported by higher selling prices for electrolytic nickel and cathode copper.
Haiqing Zhiyuan (01392) gained more than 14% as its inclusion in the Hang Seng Composite Index positions the company as a potential candidate for the Stock Connect program in the near future.
China Tobacco International (06055) advanced 5.9% despite a challenging first-half performance, as gross margins for cigarette exports improved significantly, offering some reprieve to investors.
Zhejiang Shibao (01057) rose more than 6% after posting an 11.48% increase in first-half net profit, with the intelligent driving sector providing fresh catalysts for the company's outlook.
On the downside, Livzon Pharmaceutical Group (01513) plunged over 14% after reporting declines in both revenue and net profit for the first half, with its chemical preparations and traditional Chinese medicine formulations segments experiencing substantial drops in performance.
Dajin Heavy Industry (01081) fell more than 11% following its earnings release, as second-quarter attributable net profit declined over 40% year-over-year, weighed down by shipment delays and unfavorable foreign exchange movements.
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