To The Moon

Hong Kong stocks traded lower throughout the day on October 7. By the close, the Hang Seng Index had dropped 0.62% to 24,130.5 points; the Hang Seng Tech Index had fallen 0.68% to 4,194.49 points; and the Hang Seng Biotech Index had declined 2.76%. Total market turnover for the day was HK$94.7 billion, down from HK$98.265 billion in the previous trading session.

On the board, semiconductor and pharmaceutical sectors led the pullback. The semiconductor sector plunged 2.84%, with Montage Technology falling 6.37%, among the biggest decliners, while ASMPT dropped 4.12% and GigaDevice fell 2.66%. The pharmaceutical sector declined 1.81%. GenScript Biotech tumbled 12.7%, Joinn Laboratories dropped 8.39%, VIVA Biotech fell 7.4%, and CanSino Biologics slid 6.4%.

At the Hang Seng Index constituent level, on the gainers' side, Weichai Power surged 4.68% to lead the constituents. On the news front, JPMorgan released a research report on October 7, maintaining its "overweight" rating on Weichai Power and raising its target price from HK$55 to HK$57, citing the company's improving shipment outlook, resilient profit margins, accelerating growth in its AI data center business, and progress in commercializing solid oxide fuel cells (SOFC). On the decliners' side, Hua Hong Semiconductor fell 2.68%, among the biggest losers, while WuXi Biologics dropped 2.07%, and Alibaba, Tencent Holdings, and Xiaomi Group all weakened collectively.

WuXi AppTec (2359) bucked the trend and surged higher, rising as much as 0.27% intraday to HK$219.2 per share, setting a record high, before closing down to HK$218.4 per share. Its latest market capitalization stood at HK$604.8 billion, with daily turnover of HK$489 million. WuXi AppTec's A-shares (603259) closed up 4.16% on September 30 at RMB167.34 per share, with a latest market capitalization of RMB519.2 billion, daily turnover of RMB7.44 billion, and a turnover rate of 1.82%.

WuXi AppTec's 2026 semi-annual report showed that in the first half of 2026, WuXi AppTec achieved operating revenue of RMB28.897 billion, up 38.94% year-on-year, and net profit attributable to shareholders of RMB11.08 billion, up 29.43% year-on-year. A research report from Shenwan Hongyuan pointed out that growing demand for new molecules such as peptides and oligonucleotides, the expansion of the TIDES business driven by GLP-1 volume growth, and strengthened competitive advantages through process accumulation and capacity deployment are expected to support the company's medium- to long-term performance growth. Source: China Fortune Network