Hong Kong stocks closed (06.17) | Hang Seng Index closed down 0.34% The brain-computer interface concept exploded with significant adjustments in medicine and new consumption

The Zhitong Finance App learned that the three major indices of Hong Kong stocks fluctuated and weakened. The decline widened at the end of the session, and the Hang Seng Index lost another 24,000 mark. At the close, the Hang Seng Index fell 0.34% or 80.69 points to 23980.30 points, with a full-day turnover of HK$202,144 billion; the Hang Seng State-owned Enterprises Index fell 0.4% to 8694.67 points; and the Hang Seng Technology Index fell 0.15% to 5291.85 points.

Shen Wan Hongyuan pointed out that based on the five elements of fundamentals, valuation, chips, policies, and market transaction characteristics, the bank believes that investment opportunities in Hong Kong stocks will continue to spread in the second half of 2025, focusing on investment opportunities in broad growth sectors represented by Internet technology and pharmaceuticals. Individual new consumer stocks still have an alpha advantage in the medium term, but they face insufficient cost performance in the short term.

Blue-chip stock performance

Alibaba-W (09988) rebounded against the market. At the close, it rose 1.68% to HK$114.8, with a turnover of HK$6.875 billion, contributing 31.36 points to the Hang Seng Index. On Monday, Alibaba's Tongyi Qianwen announced the official release of all QwEN3 series models based on the deep optimization of Apple's MLX framework. This move is seen as preparing for the Bank of China's Apple Intelligence. In February of this year, Ali confirmed cooperation with Apple Intelligence in China.

In terms of other blue-chip stocks, Sands China (01928) rose 5.24% to HK$15.66, contributing 3.03 points to the Hang Seng Index; Shunyu Optical Technology (02382) rose 2.73% to HK$65.85, contributing 1.97 points to the Hang Seng Index; Chow Tai Fu (01929) fell 7.29% to HK$12.72, dragging down the Hang Seng Index by 3.16 points; and Shiyao Group (01093) fell 6.4% to HK$8.19, dragging down the Hang Seng Index by 7.08 points.

Popular sector aspects

On the market, most large technology stocks fell, and Alibaba reversed the market and rose more than 1%. On the other side, US stocks of brain-computer interface concept stocks surged overnight, and the volume of pandas in Nanjing surged 38%; Macau will implement a visa-free entry policy for five countries including Saudi Arabia, with gaming stocks rising the highest; the Apple concept collectively rose, and Gaowei Electronics rose nearly 6%; semiconductors rose by more than 3% in the afternoon; on the other side, innovative drugs and new consumption, which had strong early performance, were significantly adjusted; rare earths, petroleum, and gold stocks were weak.

1. The brain-computer interface concept exploded. At the close, Nanjing Panda Electronics (00553) rose 38.02% to HK$5.3; Brainstorm Technology (02203) rose 22.65% to HK$0.222; and Minimally Invasive Brain Science (02172) rose 18.47% to HK$15.52.

The US brain-computer interface concept stock brain regeneration technology surged 283% overnight, with a cumulative increase of more than 460 times since the beginning of the year. According to reports, recently, the Center for Excellence and Innovation in Brain Science and Intelligent Technology of the Chinese Academy of Sciences and Huashan Hospital affiliated to Fudan University collaborated with relevant companies to successfully carry out the first forward-looking clinical trial of an invasive brain-computer interface in China. Open Source Securities said that the development of brain-computer interfaces is accelerating, and the prospects for commercial implementation are promising. Non-intrusive brain-computer interface products are leading the commercialization process. Currently, many products have been launched at home and abroad; the development of intrusive/semi-intrusive brain-computer interfaces is relatively slow, and leading domestic and foreign companies are in the product registration or clinical research stage, but the future development prospects are broad.

According to reports, Nanjing Panda recently stated on the Investor Interactive Platform that the “Research and Development of Key Technologies for Multi-modal Human-Computer Interaction System Integration Based on Brain-Computer Interface Technology” project undertaken by the company is a special topic in a key research and development plan in Jiangsu Province. Currently, the company is implementing it in an orderly manner according to the planned nodes, and is developing a brain-computer interface intelligent interactive display terminal and an optimized iterative interaction system. Furthermore, according to the 2023 sales revenue calculation, Minimally Invasive Neuroscience has risen to fourth place in the market share of neurointerventional medical devices in China, and has maintained the number one position in domestic market share in recent years.

2. Gaming stocks had the highest gains. At the close, Sands China (01928) rose 5.24% to HK$15.66; MGM China (02282) rose 4.76% to HK$11.44; Wynn Macau (01128) rose 1.57% to HK$5.19; and Galaxy Entertainment (00027) rose 1.06% to HK$33.35.

According to CCTV news, the Macau Special Administrative Region Gazette announced the Chief Executive's instructions on the 16th. Nationals of the Kingdom of Saudi Arabia, Qatar, Kuwait, the Kingdom of Bahrain, and the Sultanate of Oman will be exempted from visas and pre-entry permits to enter the Macau SAR. The instructions take effect on the 30th day after publication. Citigroup released a research report saying that according to industry sources, Macau's total gaming revenue (GGR) for the first 15 days of June may have reached about MOP 10 billion, which means that the average daily revenue for the previous week (June 9 to 15) was about MOP 686 million, which is 5% higher than the average daily average of MOP 650 million in the first eight days of June. Citi raised its forecast for Macau's total gaming revenue for June 2025 from MOP 18.5 billion to MOP 19 billion.

3. The Apple concept has risen collectively. At the close, Gaowei Electronics (01415) rose 5.82% to HK$26.35; Sunyu Optics (02382) rose 2.73% to HK$65.85; Ruisheng Technology (02018) rose 1.87% to HK$40.8; and Qiu Ti Technology (01478) rose 1.49% to HK$7.5.

On Monday, Alibaba's Tongyi Qianwen team launched the full QwEN3 series model, which is deeply optimized based on Apple's MLX framework. The team will open source all 32 official Qwen3 MLX models at once, so that these models can be easily deployed on iPhone, iPad, and Mac computers, covering all scenarios. In February of this year, Ali confirmed cooperation with Apple Intelligence in China. The analysis points out that Ali Tongyi Qianwen deeply adapts the full Qwen3 series to Apple chips and is seen as paving the way for the implementation of the Chinese version of “Apple Smart.” Furthermore, data from Counterpoint Research shows that in May of this year, Apple iPhone sales in China rose to the top of the list.

4. Pharmaceuticals and new consumption have been significantly adjusted. At the close, Luye Pharmaceuticals (02186) fell 11.08% to HK$3.45; Lepu Bio-B (02157) fell 8.01% to HK$5.28; Bruco (00325) fell 7.02% to HK$156.2; and Oldstore Gold (06181) fell 6.67% to HK$881.5.

Huaan Securities believes that the level of congestion in innovative drug trading has reached a high point in previous rounds and is currently still overheated. Furthermore, when the new consumer sector was high in this round, transaction congestion and quantile levels were significantly higher than several highs in recent years, and are currently still at a high level. The bank pointed out that in terms of allocation ideas, sectors such as innovative drugs and new consumption, which were popular in the early stages, will experience drastic fluctuations or adjustments due to high cumulative increases, overheated transactions, etc., and the overall allocation is not cost-effective. However, the growth technology sector is also demanding further adjustments due to excessive valuations.

5. Gold stocks are mostly lower. At the close, Tongguan Gold (00340) fell 12.68% to HK$2.41; Lingbao Gold (03330) fell 7.04% to HK$10.3; and Chifeng Gold (06693) fell 3.06% to HK$30.05.

On June 17, the international spot gold price continued to fall, falling below the 3,400 US dollars/ounce mark. Citibank said that gold's record rise is coming to an end, and the price of gold is expected to fall below $3,000 per ounce in the next few quarters. The bank believes that as a bright spot among commodities, the strong performance of gold will be unsustainable. Furthermore, commodity analysts at Bank of America said that the price of gold is still likely to reach 4,000 US dollars per ounce, investment demand has only just begun to grow, and gold still has huge potential to rise, but the geopolitical conflict in the Middle East will not be the driving force for gold to continue to rise.

Popular exotic stocks

1. The stock price of Chow Tai Fook (01929) fell sharply. At the close, it fell 7.29% to HK$12.72.

Chow Tai Fook announced that it is proposed to issue HK$8.8 billion 0.375% convertible bonds due in 2030, with an annual interest rate of 0.375% and a maturity date of June 30, 2030. The initial exchange price is HK$17.32 per share, a premium of about 26.2% over the previous day's closing price of HK$13.72. All of them can be converted to 508 million shares, accounting for about 4.9% of the expanded share capital, and net capital raising of approximately HK$8.715 billion.

2. McFTSE (02556) performed well. At the close, it rose 5.41% to HK$44.8.

On June 16, “Internet Weekly” of the Chinese Academy of Sciences, Derben Consulting and the eNet Research Institute jointly released the “2025 Top 50 AI SaaS Influential Companies” list. Maifushi, the largest marketing and sales SaaS company in China, once again reached the top of the list with the highest overall rating thanks to technological breakthroughs, scenario-based implementation capabilities, and ecosystem construction capabilities in the AI-AgentForce platform, becoming the first company to top the list for seven consecutive years since it was established.

3. Metro Development (01030) hit a new high. At the close, it rose 4.35% to HK$2.4.

Bank of America released a research report stating that it upgraded the Xincheng Development Rating from “neutral” to “buy” and raised the target price from HK$2.2 to HK$3.2. Seeing the Group's successful transformation from a real estate agent to a leading shopping mall operator, the Group's strong brand and excellent operating capacity also promoted local market integration. Furthermore, the Group recently successfully issued US dollar bonds for refinancing, which can further reduce the Group's liquidity risk and allow investors to focus on its fundamental value.

4. Weimeng Group (02013) rose moderately. At the close, it rose 2.82% to HK$1.82.

WeChat officially announced that public accounts can bring goods to WeChat stores. According to reports, users with a public account or WeChat store can display the WeChat store on the official account homepage or add small stores and products to the official account with a one-click link by opening the back office. It is now possible to insert product links from up to 50 stores in public account articles. In January of this year, Weimong officially launched the “Weimong X WeChat Store” five solutions, which aim to help merchants achieve efficient integration and business growth in the WeChat small store ecosystem.