Hong Kong stocks closed (09.23) | The Hang Seng Index closed down 1.01% and fell below 20,000. Five technology online stocks were under pressure throughout the day, and individual Jiantao stocks strengthened against the market
The Zhitong Finance App learned that Hong Kong stocks rebounded after three consecutive days of rise. The three major indices opened lower today and moved lower. The decline widened in the afternoon, and the Hang Seng Index fell below the 25,000 mark. At the close, the Hang Seng Index fell 1.01% or 253.63 points to 24834.12 points, with a full-day turnover of HK$184.307 billion; the Hang Seng State-owned Enterprises Index fell 1.06% to 8273.81 points; and the Hang Seng Technology Index fell 1.33% to 4379.07 points.
CITIC Securities believes that in terms of Hong Kong stocks, the market's sensitivity to external capital may increase further. The allocation should shift from simply focusing on high dividends to high-quality dividends that balance profits, cash flow, and shareholders' ability to return, and further combine repurchases, unban, and short selling structures to screen industries with healthier microfinance.
Blue-chip stock performance
Ideal Automobile-W (02015) led the blue chip increase. At the close, it rose 2.57% to HK$46.24, with a turnover of HK$411 million. UBS believes that ideal valuations are close to historic lows and are forming an attractive pattern of profit turnover and profit margin recovery. According to the bank, ideal operations have been sluggish for a long time since the beginning of the year, but the company has net cash of 80 billion yuan. Coupled with positive operating cash flow, it is believed that there are sufficient resources to wait for the next upward profit cycle.
In terms of other blue-chip stocks, China Resources Land (01109) rose 1.72% to HK$29.62; China Resources Vientiane Life (01209) rose 1.71% to HK$38.08; Alibaba-W (09988) fell 4.36% to HK$109.8; and Tencent Holdings (00700) fell 2.35% to HK$441.
Popular sector aspects
On the market, large tech stocks generally declined, with Alibaba falling more than 4% and Tencent falling by more than 2%; the PCB industry chain experienced a wave of intense price increases, with related concept stocks rising against the market, and Jiantao laminates surged by more than 11%; real estate rumors continued to disrupt, domestic housing stocks rose across the board at the beginning and then fell significantly; most pharmaceutical stocks performed well, with Cansino Biotech rising more than 8%; oil prices continued to fall and aviation stocks rose. On the other side, AI applications, robotics concepts, oil and gas stocks, etc. are under pressure.
The PCB sector rebounded against the market and strengthened. At the close, Jiantao Laminate (01888) rose 11.68% to HK$51.55; Jiantao Group (00148) rose 5.58% to HK$58.65; and Shenghong Technology (02476) rose 3.78% to HK$225.
On September 22, Jiangxi Hongruixing Technology Co., Ltd. issued a price adjustment notice to raise the factory price of copper-clad plate products by 10%. This is another round of material price increases after China Jushi raised the prices of thick and thin electronic cloth by 15% and 20% respectively in September. Since December of last year, mainstream manufacturers such as Jiantao and South Asia have continuously issued price adjustment letters, and copper-clad sheets have increased by 10% to 20% in a single week. Morgan Stanley's latest report revealed that the size of the copper-clad plate market will soar from 19 billion US dollars to 47 billion US dollars in 2030, far exceeding market expectations, and the CCL content of Nvidia's single frame will jump 180% from generation to generation. Meanwhile, the HVLP4 copper foil supply and demand gap will suddenly expand in 2027, and will still reach 20% in 2028.
Domestic housing stocks surged higher and retreated. At the close, Vanke Enterprise (02202) rose 4% to HK$2.6; China Resources Land (01109) rose 1.72% to HK$29.62; and China Overseas Development (00688) rose 1.69% to HK$12.64.
Entering the traditional “Golden Nine” property market peak season, transactions in the second-hand housing market in Shanghai continued to rise. According to the data, on September 19, 1,495 second-hand housing units (including commercial) were signed online in a single day in Shanghai, a record high of single-day online signings since the second half of 2026. According to First Finance, recent market news indicates that a national interest rate discount policy will be implemented. Among them, the Ministry of Finance will cut interest rates of 20-50BP and local interest rates of 20-50BP. The overall interest rate discount can reach up to 100BP, driving interest rates on first-home loans down to 2%. There are also rumors that mortgage interest rates will be implemented in the near future, with a total amount of 100 billion yuan and an interest rate discount of 20BP, for the first home. In response to this rumor, real estate industry analysts at several brokerage firms believe it is unlikely that a nationwide interest rate discount policy will be implemented.
Pharmaceutical stocks were mostly higher. At the close, Cansino Biotech (06185) rose 8.23% to HK$31.82; Jingfang Pharmaceutical-B (02595) rose 8.43% to HK$30.86; Zhaoyan Pharmaceutical (06127) rose 3.92% to HK$27.56; and Kingsley Biotech (01548) rose 3.21% to HK$41.76.
Recently, ten departments including the Ministry of Industry and Information Technology and the National Development and Reform Commission issued the “15th Five-Year Plan” for the pharmaceutical industry to actively encourage innovative drugs and their industrial chain, pharmaceutical equipment, and accurate diagnosis and treatment industry chain. Furthermore, the total amount of foreign authorized transactions for innovative drugs exceeded 120 billion US dollars this year, an increase of 36% over the previous year. As innovative drug BD transactions continue to be active, pharmaceutical companies tend to have abundant R&D capital. In order to seize the innovative drug development window and guarantee project progress, pharmaceutical companies' willingness to pay for external R&D services has increased, and CRO companies have shown a “sharp rise in volume and price” trend. It is worth mentioning that AI4S cooperation is currently hot around the world. On September 16, Eli Lilly TuneLab added three experimental service providers, Kingsley, Twist, and Ginkgo on the same day, and the competition to speed up the wet test and verification process intensified.
Aviation stocks rose. At the close, Air China (00753) rose 1.98% to HK$3.855; China Southern Airlines shares (01055) rose 1.68% to HK$3.02; Cathay Pacific (00293) rose 1.56% to HK$14.35; and China Eastern Airlines shares (00670) rose 1.16% to HK$2.625.
Benefiting from the restart of the pipeline, combined with Iran's relinquency, international oil prices have fallen five times in a row. As of press release, Brent crude oil has fallen below 95 US dollars. Furthermore, with the Mid-Autumn Festival and National Day holidays coming soon, the popularity of travel in the domestic travel market is heating up ahead of schedule. The number of travel-related online searches and air ticket reservations continues to rise, and civil aviation transportation is about to usher in a new round of concentrated travel peaks. Cathay Pacific Haitong Securities believes that aviation stock prices have been at a ten-year low, geo-oil prices will not change the logic of lengthening, and provide a rare opportunity for a bottom-up layout. When oil prices fall, a long-term logical interpretation of the central increase in profitability will begin.
Popular exotic stocks
The volume of Puyuan Precision Electronics (00537) has soared. At the close, it was up 20.36% to HK$28.02.
The construction of AI computing power accelerates the upgrading of high-speed interconnections, and vector network analyzers (VNA) are expected to usher in development opportunities. Huatai Securities believes that with the evolution of data center networks to 800G and 1.6T, the requirements for signal integrity and yield control of high-speed connectors, cables, and high-end PCBs continue to increase, driving the increase in demand for VNA testing; at the same time, upgrading to higher frequencies, more ports and automation is expected to drive VNA volume and price to rise sharply.
Multipoint Digital Intelligence (02586) continues to rise. At the close, it was up 11.21% to HK$6.5.
In June of this year, Multipoint Digital Intelligence announced full access to the WeChat AI smart ecosystem as the first batch of closed beta teams. At the same time, as a strategic partner in Doubao's ecosystem, Duodian Smart will take the lead in connecting to the Doubao ecosystem and recently launched a “multi-point flash sale”, which has now completed closed testing. This cooperation marks the further extension of Multi-Point Digital Intelligence's retail digital intelligence capabilities to AI consumption portals.
Lenovo Holdings continues to be strong. At the close, it was up 7.91% to HK$25.64.
According to reports, the company is seeking to sell 90% of its shares in the International Bank of Luxembourg. The first round of bidding is expected to end around the end of September, with a valuation of 2.5 billion euros (about HK$225 billion) or higher. Citi believes that this potential sale or sale of non-core investments for the company is the first step in transforming into a more technology-focused holding company. Since this year, the company's stock price has increased 1.8 times cumulatively.
The Sanhuan Group (06951) fluctuated higher. At the close, it was up 3.38% to HK$137.5.
MLCC, known in the industry as the “rice of the electronics industry,” ushered in a wave of price increases. According to a report by the Securities Times, a number of MLCC products on the first floor of Huaqiang Electronics World said, “There have been many more orders, and sales have exploded,” and “the prices of AI and some high-end MLCCs (multilayer ceramic capacitors) have indeed fluctuated quite a bit and are seriously out of stock.”
China's Huajun (00377) continued to fall sharply. At the close, it was down 42.89% to HK$1.205.
China's Huajun announced that preliminary discussions are currently under way with a party on a potential sale, and negotiations are still ongoing. The terms and conditions relating to the potential sale have not been implemented, and the Group has not entered into a formal agreement on the potential sale. The stock dropped 52% yesterday.