HK Stock Market Close (07:30) | Hang Seng Index Down 1.36%, Oil and Gas Stocks Rise Against Trend, Auto and Chip Stocks Under Pressure

Affirmed by Zhitong Caijing APP, the Hong Kong stock market fell under pressure throughout the day, with the Hang Seng Index performing the worst, once dropping over 3% in the afternoon. As of the closing bell, the Hang Seng Index fell 1.36%, or 347.52 points, to 25,176.93; the total turnover was HK$31.96 billion. The Hang Seng Enterprise Index fell 1.18%, to 9,038.27; and the Hang Seng Technology Index fell 2.72%, to 5,490.76.

According to Goldman Sachs, Hong Kong's overall profitability is relatively strong, with internet, new consumption, innovative pharmaceuticals, and other assets being relatively scarce. Combining current valuations still low, the long-term configuration ratio remains high. In recent times, the Hang Seng Index has broken through previous highs, with limited resistance to upward momentum. Under the continued impetus of domestic stable growth policies, the Hong Kong stock market may continue to fluctuate upwards.

Blue-Chip Stocks Performance

Ideal Motors-W (02015) led the decline in blue-chips. As of the closing bell, it fell 12.84%, to HK$104.5; turnover was HK$72.83 billion, dragging down the Hang Seng Index by 33.77 points. On July 29th, Ideal Motors officially released its first all-electric SUV, the i8. The i8 has three configuration models, with an official guide price of HK$32.18 million to HK$36.98 million, lower than the previously announced HK$35 million to HK$40 million pre-sale price range. It is scheduled to start deliveries on August 20th.

Other blue-chip stocks include China Petroleum (00857), which rose 3.85%, to HK$7.82; and China Chemical (00386), which rose 2.83%, to HK$4.73, contributing 9.63 and 4.9 points respectively to the Hang Seng Index.

Hot Sector Performance

On the market front, large technology stocks generally fell, with Alibaba down nearly 3%, and Tencent down over 1%. Russia's oil supply disruptions pushed up oil prices, causing oil and gas stocks to rise against trend. Shandong Hongda (00568) rose 16.83%, to HK$4.72; MI Energy (01555) rose 12.82%, to HK$0.044; and Ji Xing New Energy (03395) rose 5.56%, to HK$0.475.

The first major development is that ideal pure electric SUVs entered the market at a low price, causing Ideal Motors' stock price to drop by nearly 13% and dragging down other new energy vehicle stocks; chip stocks generally fell, with Unisplendour (00981) down 5.9%, to HK$50.2, and Huace Semiconductors (01347) down 5.55%, to HK$40.

The second major development is that most medical device stocks rose, including Eimtec Medical-B (02500), which rose 18.39%, to HK$3.54; and Micro-Innovative Medical (00853), which rose 10.17%, to HK$14.3.

The third major development is that auto stocks generally fell, with Ideal Motors-W (02015) down 12.84%, to HK$104.5; Xiaopeng Motors-W (09868) down 5.68%, to HK$70.6; and Changan Automobile (02333) down 2.06%, to HK$13.3.

The fourth major development is that chip stocks collectively fell, with Unisplendour (00981) down 5.9%, to HK$50.2; Huace Semiconductors (01347) down 5.55%, to HK$40; and Jingcheng Semiconductors down 4.01%, to HK$14.4.

Hot New Listing Stocks

1. Outgoing Ask (02438) soared, rising 63.83% as of the closing bell, to HK$0.77.

Outgoing Ask recently showcased its latest Agentic AI smart hardware TicNote and AIGC product matrix at the 2025 World Artificial Intelligence Conference (WAIC 2025), and launched an AI art exhibition called "Hear the Hutong" empowered by TicNote. According to insiders, as of July 15th, TicNote's global sales had broken through 10,000 units, ranking second in domestic market categories such as JD.com and Tmall.

2. Giant Legend (06683) continued to soar, rising 17.97% as of the closing bell, to HK$13.26.

Giant Legend announced that its wholly-owned subsidiary Star Creative Arts (Kunshan) had signed a cooperation agreement with Hangzhou Universe Technology to become global strategic partners in the development and commercialization of four-legged robots or machines with social attributes.

3. Power International (00902) rose sharply, rising 8.2% as of the closing bell, to HK$5.41.

Power International released its 2025 mid-year results, with operating revenue of approximately HK$112 billion, a year-on-year decrease of 5.7%; and net profits attributable to shareholders of approximately HK$92.62 billion, a year-on-year increase of 24.26%.

4. Ningde Era (03750) fell sharply, falling 7.66% as of the closing bell, to HK$426.6.

Ningde Era's mid-year results are about to be released. Today's A-share stocks were collectively battered. Worth noting is that LG New Energy recently announced that it had secured a lithium-iron-phosphate (LFP) battery supply contract worth approximately KRW 59.442 billion (approximately HK$43 billion). According to insiders, the client behind this HK$43 billion contract is Tesla, which will use LFP batteries for its energy storage systems.

5. HSBC Bank (00011) plummeted in the afternoon, falling 7.4% as of the closing bell, to HK$113.8.

HSBC Bank released its mid-year results, with net interest income of approximately HK$143.39 billion, a year-on-year decrease of 7.39%; and shareholder dividends of approximately HK$68.8 billion, a year-on-year decrease of 30.46%. Net interest income decreased by HK$11.44 billion, or 7%.