Hong Kong Market Midday Update: Hang Seng Index Falls 1.87% as Six New Stocks Begin Trading

The Hang Seng Index declined by 1.87%, shedding 432 points to reach 22,644 points by the midday break. The Hang Seng Tech Index saw a sharper drop of 3.32%. Trading volume for the morning session in Hong Kong reached HKD 183.4 billion. Six new stocks commenced trading on the exchange today.

Lingyi iTech (Hong Kong) Limited (01688) debuted, with its shares rising 2% in the morning session. The company holds the top position globally in the high-precision functional components market for AI terminal devices.

SG Micro Corp (03661) also began trading, surging 25% in early trade. It is a leading domestic analog integrated circuit (IC) enterprise.

MERDEKAGOLD-DRS (06228) listed, with its shares falling 5% in the morning. Its core asset, the Pani gold mine, is Indonesia's largest primary gold mine.

Keytop Intelligent Parking Co., Ltd (02272) debuted with a substantial gain of 195%. The company is recognized as the world's first "AI parking service provider".

Wenge (HK) Limited (01956) started trading, climbing 87% in early trade. The firm specializes in complex data analysis and AI-assisted decision-making.

XIN JI CHENG (09630) listed, advancing 76% in the morning session. It is the world's largest supplier of direct imaging equipment for printed circuit boards (PCBs).

Zhidatech (02650) rebounded sharply, gaining over 31% after being oversold. The company signed a three-year strategic letter of intent with Borton to jointly develop zero-carbon mining solutions.

A.Plus Group Holdings Limited (01783) rose more than 9% following its results announcement. For the 2026 fiscal year, revenue reached approximately HKD 24.62 billion, with adjusted EBITDA nearly doubling year-on-year.

Shares in the pork concept sector experienced a rapid uptick. Reports indicate that hog farming enterprises have revised down their capacity expansion targets, with the timeline brought forward.

Muyuan Foods Co., Ltd. (02714) gained 5%. (02431) rose another 4% after its senior management team increased their holdings, and the company further extended the boundaries of its physical AI technology.

Kingboard Holdings Limited (00148) fell 7.6% as its major shareholder reduced their stake for three consecutive days, realizing over HKD 8.9 billion.

Domestic insurance stocks continued their downward trend. Insurers accelerated bond issuance significantly in June, with analysis suggesting the move aims to repair solvency indicators.

New China Life Insurance Company Ltd. (01336) declined 4.8%, while China Life Insurance Company Limited (02628) fell 3%.

Alibaba Group Holding Limited (09988) dropped another 4.79%, having halved from its peak in October last year, weighed down by external headwinds and a subdued 618 shopping festival performance.

Bearish expectations regarding long-term lithium supply are intensifying. Ganfeng Lithium Group Co., Ltd. (01772) tumbled over 7%, and Tianqi Lithium Corporation (09696) fell 5.89%.

COSCO SHIPPING Energy Transportation Co., Ltd. (01138) declined another 8.9% following an attack on a cargo ship in the Gulf of Oman, which led to a suspension of evacuation operations in the Strait of Hormuz.