To The Moon

The Hang Seng Index declined by 1.25% or 309 points during the morning session, closing at 24,533 points, while the Hang Seng Tech Index fell by 1.61%.

Morning turnover on the Hong Kong market reached HK$133.7 billion.

Kingboard Laminates Holdings Ltd (01888) surged over 8% again, supported by the implementation of the fifth price increase for electronic fabric this year, with the company being a rare integrated play from fabric to boards.

Zhipu AI (02513) climbed another 8.99% after launching its latest flagship model GLM-5.2, which is expected to enhance its subscription pricing power.

Pujiang International Group Ltd. (01417) soared more than 89% upon resuming trading, following a discounted cash offer from Sun Taoyong, Chairman of Weimob Inc. (02013).

Andre Juice Limited (02218) jumped over 34% on plans for a cross-border acquisition of an integrated circuit materials company.

Tianguang International Holdings Ltd. (00826) advanced more than 12%, with its first plasma atomization powder production equipment expected to yield the first batch of titanium alloy powder this month.

Junda Auto Parts Limited (02865) gained over 7% as it enters the high-growth commercial aerospace sector, with analysts forecasting potential profit contributions by 2028.

Dongyue Group Ltd. (00189) rose more than 9%, with its share price having accumulated nearly a 90% gain this year, driven by persistently rising domestic refrigerant prices.

Lens Technology Co., Ltd. (06613) increased over 6% as the company accelerates its layout in optical communication and pushes for the large-scale implementation of three emerging business tracks.

WeRide Inc. (00800) climbed over 10% on market talk that the company is exploring a spin-off and independent financing for its Robovan business.

Jinli Permanent Magnet Co., Ltd. (06680) added 5%, as major Japanese and Korean MLCC manufacturers aggressively expand production, with the AI-driven high-capacity MLCC boom spurring a surge in demand for high-purity dysprosium oxide.

Most mainland property stocks traded lower, with Sunac China Holdings Limited (01918) and Seazen Group Ltd. (01030) both falling over 4%.

Laopu Gold Limited (06181) declined another 6% after Citigroup significantly cut its target price, while J.P. Morgan noted the market is underestimating the company's efforts to manage gold price volatility.

Beer stocks experienced a collective downturn.

Analysts suggest the actual boost from the World Cup should not be overestimated, pointing out that beer sales volume remains the core performance indicator.

China Resources Beer (Holdings) Company Limited (00291) dropped 4.47%, and Budweiser Brewing Company APAC Limited (01876) fell 3%.

ENN Energy Holdings Limited (02688) slid another 3% after its privatization plan fell through, with Citigroup stating the company lacks positive catalysts in the short term.