Economic Information Daily, 15th - Inflation data exceeding expectations has fueled rate hike expectations. AI-related US stocks plunged sharply on Wednesday (14th). The bond price of CoreWeave, a major AI computing power leasing giant, rapidly dropped to less than 80% of face value. Musk described the situation as 'scary' on social media, immediately igniting market panic over AI financing, causing global stock markets to fluctuate. Japanese stocks fell over half a percent, while South Korean stocks plunged 8%. The Hong Kong market was not spared. The Hang Seng Index opened with a gap down of 200 points, broke below the 24,000 level before midday close, and ended at 23,955, down 358 points or 1.5%. The Hang Seng China Enterprises Index closed at 8,059, down 123 points or 1.5%. The Hang Seng Tech Index ended at 4,051, down 122 points or 2.9%. Panic sentiment boosted the half-day turnover on the main board to nearly HK$113.8 billion. Northbound funds did not take advantage of the dip to buy, with net outflows exceeding HK$500 million during the morning session.
Market panic over AI financing bubbles caused AI hardware stocks to fall collectively. Lenovo Group (00992) plunged 13.75%, leading the blue chips lower, closing at HK$26.22, with cumulative four-day losses exceeding 20%. Hua Hong (01347) dropped 8.73% to HK$75.8, SMIC (00981) fell 4.51% to HK$51.85. Among non-blue chips, GDS (09698) plunged 16.98% to HK$24.16, Yangtze Optical Fiber and Cable (06869) dropped 13.24% to HK$122.5, Montage Technology (06809) fell 11.53% to HK$201, TianShu ZhiXin (09903) declined 11.42% to HK$81.85, and BriVision Technology (06082) dropped 11.15% to HK$25.18.
Tech and internet stocks were also heavily sold off. Alibaba (09988) fell 4.8% to HK$105.2, single-handedly contributing nearly 99 points to the Hang Seng Index's decline. Tencent (00700) dropped 0.94% to HK$419.4, Meituan (03690) fell 2.85% to HK$74.9, Kuaishou (01024) declined 3.79% to HK$28.4, and Baidu (09888) dropped 4.94% to HK$78. Only Xiaomi (01810) rose against the market trend, closing up 2.43% at HK$27.02, marking three consecutive days of gains with a cumulative increase of 10%.
The two AI model giants both declined: Zhipu (02513) dropped 9.97% to HK$515, while MiniMax (00100) fell 8.91% to HK$186.
Biotech stocks rebounded: BeiGene (06160) rose 2.96% to HK$215.6, Hansoh Pharmaceutical (03692) gained 2.16% to HK$31.24, China Biopharmaceutical (01177) increased 1.65% to HK$5.25, and CSPC Pharmaceutical Group (01093) rose 0.85% to HK$8.885.
Domestic lithium carbonate prices briefly fell below RMB 100,000 per ton, causing CATL (03750) to drop 6.6% to HK$436.2, Ganfeng Lithium (01772) fell 3.38% to HK$25.7, and Tianqi Lithium (09696) declined 2.7% to HK$24.48.
The top three most actively traded stocks in terms of turnover for the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Xiaomi, and Lenovo Group respectively. (ey)
Market panic over AI financing bubbles caused AI hardware stocks to fall collectively. Lenovo Group (00992) plunged 13.75%, leading the blue chips lower, closing at HK$26.22, with cumulative four-day losses exceeding 20%. Hua Hong (01347) dropped 8.73% to HK$75.8, SMIC (00981) fell 4.51% to HK$51.85. Among non-blue chips, GDS (09698) plunged 16.98% to HK$24.16, Yangtze Optical Fiber and Cable (06869) dropped 13.24% to HK$122.5, Montage Technology (06809) fell 11.53% to HK$201, TianShu ZhiXin (09903) declined 11.42% to HK$81.85, and BriVision Technology (06082) dropped 11.15% to HK$25.18.
Tech and internet stocks were also heavily sold off. Alibaba (09988) fell 4.8% to HK$105.2, single-handedly contributing nearly 99 points to the Hang Seng Index's decline. Tencent (00700) dropped 0.94% to HK$419.4, Meituan (03690) fell 2.85% to HK$74.9, Kuaishou (01024) declined 3.79% to HK$28.4, and Baidu (09888) dropped 4.94% to HK$78. Only Xiaomi (01810) rose against the market trend, closing up 2.43% at HK$27.02, marking three consecutive days of gains with a cumulative increase of 10%.
The two AI model giants both declined: Zhipu (02513) dropped 9.97% to HK$515, while MiniMax (00100) fell 8.91% to HK$186.
Biotech stocks rebounded: BeiGene (06160) rose 2.96% to HK$215.6, Hansoh Pharmaceutical (03692) gained 2.16% to HK$31.24, China Biopharmaceutical (01177) increased 1.65% to HK$5.25, and CSPC Pharmaceutical Group (01093) rose 0.85% to HK$8.885.
Domestic lithium carbonate prices briefly fell below RMB 100,000 per ton, causing CATL (03750) to drop 6.6% to HK$436.2, Ganfeng Lithium (01772) fell 3.38% to HK$25.7, and Tianqi Lithium (09696) declined 2.7% to HK$24.48.
The top three most actively traded stocks in terms of turnover for the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Xiaomi, and Lenovo Group respectively. (ey)