Hong Kong Stock Market Midday Review: Hang Seng Index Up 0.19%, CSI Up 0.11%! Lithium Battery Sector Rises Sharply, Ganfeng Lithium Up 20%, Zhonghui Biotechnology Soars Over 160%, and Huaian Health Care Up Over 19%
August 11 message, Hong Kong's three major stock indices rose collectively. As of the midday closing, the Hang Seng Index rose 0.19%, reaching 24906.74 points, and the Hang Seng Technology Index rose 0.11%. On the market front, stocks in the tech sector fluctuated, with Bytedance rising over 2%, Alibaba Group rising over 1%, Meituan and NetEase falling over 1%; Apple concept rose strongly, Hongteng Precision rising over 9%;
Apple concept rose strongly, Hongteng Precision rising over 9%. Apple's stock price rose 4.24% to $229.35 on Friday, and its total increase reached 13.33%, the largest single-week gain since July 2020. Apple previously announced its third-quarter financial report, which showed impressive performance, worth noting that Apple's revenue in mainland China for the quarter was $153.69 billion, up 4% year-on-year, indicating a warming trend in the Chinese market.
Lithium battery sector rose sharply, Ganfeng Lithium rising nearly 20%. Ningde Times stated on August 11 that the company has temporarily suspended mining operations at its Yichun project since the permit expired on August 9 and is currently applying for an extension of the permit. Once approved, it will resume production as soon as possible. This matter has no significant impact on the company's overall operations.
Construction materials and cement sector rose, East China Cement rising over 5%. Several major infrastructure projects have started or made significant progress in recent days, including high-speed rail, hydroelectric power, and railway construction. Among them, the Yarlung Tsangpo River Lower Reaches Hydroelectric Power Station has entered the construction stage; new rail company was established to connect Xinjiang and Tibet, with a total investment exceeding 30 billion yuan.
Cryptocurrency concept stocks rose sharply, Huaian Health Care rising over 19%. Bitcoin continued to rise, approaching $12.2 million per unit. Huaian Health Care announced that the board of directors has approved a global strategic cooperation framework agreement with HashKey Group (HashKey), aiming to accelerate the implementation of its "Global Ethereum Gold Vault" strategy and provide more efficient, secure, and compliant digital asset services for both parties' global customers.
Gold stocks generally fell, Shandong Gold fell over 5%. Spot gold prices in Asia initially fell sharply, reaching a low of $3370 per ounce. Analysts point out that gold stocks are closely related to spot gold prices (such as London gold and COMEX futures). If the Federal Reserve's interest rate hike expectations rise, the US dollar strengthens, or inflation eases, gold prices may come under pressure.
Zhonghui Biotechnology rose over 160% on its first day of trading. Zhonghui Biotechnology-B previously announced the results of its subscription, with a fixed price of HK$12.9 and net proceeds of HK$3.83 billion. The Hong Kong public offering recorded an oversubscription of 4006.64 times, with funds frozen at HK$21 billion, making it the super-subscribed biotech firm under the 18A rules this year.
Baihe Garden Group fell nearly 3%. In response to netizens' complaints about Baihe Garden's fruit prices becoming too high, Baihe Garden's chairman, Yu Huiyong, released a video on August 8 saying that "I believe there are two kinds of commerce. The first is to take advantage of consumers' ignorance, and the second is to educate consumers to maturity, just like Baihe Garden has been walking the path of educating consumers for many years. We will not cater to consumers." Baihe Garden later clarified that the video was taken out of context.
Source: Sina News