Hong Kong stocks closed (08.06) | Hang Seng Index closed down 1.49% MINIMAX-W (00100) surged 17% when opened, AIA (01299) led the decline in blue chips

The Zhitong Finance App learned that the three major indices of Hong Kong stocks opened low across the board today, while the Hang Seng Technology Index was particularly weak and fell by more than 2%. At the close, the Hang Seng Index fell 1.49% or 385.54 points to 25530.28 points, with a full-day turnover of HK$255.227 billion; the Hang Seng State-owned Enterprises Index fell 1.22% to 8498.73 points; and the Hang Seng Technology Index fell 2.28% to 4820.78 points.

CITIC Construction Investment pointed out that Hong Kong stocks are indeed emerging from multiple pressures, but whether they can move to a round of bulls and bulls in the true sense of the word, they still need to cross two important thresholds — improved corporate profits and slackening dollar liquidity. The former determines the trend of the bull market, and the latter determines the magnitude and elasticity of the bull market. Before Hong Kong stocks actually crossed the two major thresholds of improved profits and the easing of US dollar liquidity, Hong Kong stocks were closer to recovering their valuations after the period of maximum pressure passed and overfell.

Blue-chip stock performance

The performance of Jiulongchang Real Estate (01997) surged after that. At the close, it rose 13.72% to HK$30, with a turnover of HK$1,123 million. Contributed 9.25 points. At noon, Wharf Land announced its 2026 interim results, with revenue of HK$6.34 billion, a slight decrease of 1.05% year on year; shareholders' share loss of HK$176 million, a sharp decrease of 92.69% year on year; plans to pay the first interim dividend of HK94 cents per share, an increase of 42% year on year. At the same time, it was announced that the dividend ratio would be raised from 65% of the recurring core underlying net profit to 90%. The policy adjustment meant an increase of 38% of the underlying dividend.

In terms of other blue-chip stocks, Chow Tai Fook (01929) rose 3.79% to HK$12.31, contributing 1.38 points to the Hang Seng Index; Old Shop Gold (06181) rose 3.23% to HK$351.2, contributing 1.09 points to the Hang Seng Index; AIA (01299) fell 5.92% to HK$73.15, dragging down the Hang Seng Index by 73.9 points; and Ningde Times (03750) fell 5.05% to HK$628, dragging down the Hang Seng Index by 10.59 points.

Popular sector aspects

On the market, large technology stocks fell across the board, with Tencent and Alibaba both falling more than 2%. High international gold prices supported the continued rise of gold stocks; short-term supply pressure was under pressure, and coal stocks had the highest increase; the official entry combined with H3 Open Source's overseas dominance, MiniMax reversed the market and surged by more than 17%. On the other side, it is reported that a 20% personal tax was imposed on Hong Kong insurance policy income, and Hong Kong insurance stocks were collectively pressured. AIA once fell by more than 9% this morning; lithium batteries, automobile stocks, chip stocks, and Hong Kong real estate stocks declined one after another.

Coal stocks had the highest gains. At the close, Yankuang Energy (01171) rose 6.12% to HK$12.32; Mongolia Energy (00276) rose 6.48% to HK$0.575; Power Development (01277) rose 6.44% to HK$1.9; and China Coal Energy (01898) rose 2.97% to HK$10.75.

On August 5, the thermal coal price index was adjusted across the board, and 5,500 kcal was reported to be 839 yuan/ton, up 5 yuan/ton. Currently, the supply side is still tight. The Changjiang Securities Research Report said that in 2026, the coal industry is facing a nuclear capacity reduction window. The effective supply of thermal coal is expected to decrease 1.9% year-on-year to 3.806 billion tons, putting pressure on supply in the short term. The average price of thermal coal in Qingang rebounded 13.2% year-on-year to 767 yuan/ton in the first half of 2026. Great Wall Securities pointed out that the current comprehensive operating rate in Jinshan, Shaanxi, and Mongolia has been declining since the May 22 coal mine bombing in Shanxi. The operating rate in Shanxi is greatly affected. Attention is paid to the serious mismatch between supply and demand that may occur in summer.

The big model “Shuang Xiong” bucked the market and rose higher. At the close, MINIMAX-W (00100) rose 17.1% to HK$297.2; Smart Spectrum (02513) rose 4.42% to HK$1,087.

MiniMax was officially included in the Hong Kong Stock Connect today, thereby qualifying mainland investors to trade through Hong Kong Stock Connect. LiveReport predicts that MiniMax may receive no less than HK$1 billion in allocated capital on the first day of entry; if its Hong Kong Stock Connect shareholding ratio reaches 20% to 25% in the future, the potential incremental capital may exceed HK$10 billion. It is worth noting that DeepSeek predicted a price increase this morning, plans to increase the overall pricing of API services in the near future, and is expected to increase significantly. The analysis points out that DeepSeek's proposed increase in API prices is an important signal of commercialization in the domestic large model industry, and industry competition is expected to shift from “grabbing shares at low prices” to comprehensive competition of “capacity, scenario, cost, and monetization efficiency.”

Gold stocks are once again active. At the close, Lingbao Gold (03330) rose 4.82% to HK$22.6; Chifeng Gold (06693) rose 3.7% to HK$37.02; Zhaojin Mining (01818) rose 2.64% to HK$23.36; and Shandong Gold (01787) rose 2.21% to HK$22.18.

Overnight, gold exploded strongly, with a single-day increase of more than 4% to a recent high, and once broke through the 4,300 US dollars/ounce mark. In July, only 44,000 new US ADP farmers were added, which is less than the 75,000 expected by the market, indicating that the cooling of employment is beginning to ease the pressure on the Federal Reserve to raise interest rates. In terms of the geographical situation, the US and Iran have made positive progress in negotiations on reopening the Strait of Hormuz. Market expectations for reaching an interim agreement have heated up, and international oil prices have dropped sharply, weakening concerns about energy inflation. CITIC Securities believes that gold is still in a big bull market due to the accelerated expansion of the US fiscal deficit, difficulties in bridging geopolitical rift under anti-globalization, and continued support for money purchases by central banks around the world.

Hong Kong insurance stocks have been sluggish throughout the day. At the close, AIA (01299) fell 5.92% to HK$73.15; Prudential (02378) fell 4.57% to HK$108.5.

On August 5, media reported that some Hong Kong insurance policyholders have received tax notices on overseas income, and Hong Kong insurance income is included in the scope of levy. Currently, the tax rate is 20%. Places already involved in tax collection cases include Beijing and Hangzhou, Zhejiang. Citi believes that the market is overreacting to this, and structural demand for insurance in Hong Kong is still stable. The bank pointed out that regulatory uncertainty will continue to overshadow Hong Kong's insurance industry, but the structural needs of Hong Kong insurance have not changed. Its advantages include offshore asset allocation, multi-currency flexibility, access to global medical services, and superior product design.

Popular exotic stocks

Weilizhibo-B (09887) was strong throughout the day. At the close, it was up 7.41% to HK$62.35.

Verishibo announced that the PD-L1/4-1BB bispecific antibody opatisumimab (vilisin™) phase II clinical study for first-line treatment of hepatocellular carcinoma (HCC) developed independently by the company completed the safety introduction period evaluation after expert review and successfully entered the expansion phase. Preliminary data studies showed that opatisumimab combined with bevacizumab showed clear and positive efficacy signals in HCC patients, and overall safety and tolerability were good.

Lixun Precision (02475 ) saw a rise in access. At the close, it was up 4.18% to HK$61.

Lixun Precision has now been transferred to the Hong Kong Stock Exchange List. According to China Securities International, Lixun Precision is an A-share listed cross-sector precision intelligent manufacturing solution (PIMS) provider, covering consumer electronics, automotive electronics, communications and data centers, and other terminal markets.

Zhongji Xuchuang (03308) stock price rebounded. At the close, it rose 3.14% to HK$1,151.

According to data from the Hong Kong Stock Exchange, Goldman Sachs Group increased its holdings of Zhongji Innox by 3.2451 million shares, at a price of HK$946.4902 per share, for a total amount of about HK$3,071 billion. After increasing its holdings, Goldman Sachs recently increased its shareholding ratio from 5.95% to 11.90%. Furthermore, in response to rumors that the US plans to ban the import of new Chinese optical modules, industry insiders estimate that it will be difficult to actually implement them.

The Ningde era (03750) came under pressure in the afternoon. At the close, it was down 5.05% to HK$628.

According to Ningde Times's second-quarter earnings report, the overall gross profit was only 34.22 billion yuan, and gross margin was only 23.2%, close to the lowest point in 24 years. Lyon published a research report saying that gross margin for the second quarter of the Ningde era fell short of expectations, triggering a new round of concerns in the market. Since the company has just begun mass production of sodium-ion batteries, it is even more difficult for investors to determine whether its profit margin will pick up in the second half of the year.