[ET Net News Agency, 13 July 2026] Hong Kong stocks opened slightly lower within a narrow range this morning, briefly turning positive in early trading, and southbound capital once again recorded a net inflow of over HKD 7.9 billion. However, dragged down by a wave of profit-taking in AI concepts, Hong Kong stocks fell back at the midday close, with the HSI finishing the half-day session at 24,148, down 26 points or 0.1%, on a mainboard turnover of over HKD 177.3 billion. The Hang Seng China Enterprises Index stood at 8,048, up 9 points or 0.1%. The Hang Seng Tech Index stood at 4,683, down 38 points or 0.8%.
AI hardware stocks led the decline today. Kingboard Hldg (00148) plunged 16.73% to HKD 61.2, KB Laminates (01888) dropped 15.13% to HKD 53.3, YOFC (06869) shed 14.89% to HKD 136, GigaDevice (03986) fell 10.84% to HKD 662, Gpixel (03277) slid 10.43% to HKD 74.7, P Xizhi Tech (01879) dipped 9.24% to HKD 310.4, and Wenge AI (01956) decreased by 8.89% to HKD 78.4.
The "Korea twins" tumbled, causing related 2x ETFs to hit a snag, as the CSOP SK Hynix Daily (2x) Leveraged Product (07709) plummeted 26.55% to HKD 65.66, and the CSOP Samsung Electronics Daily (2x) Leveraged Product (07747) dropped 15.93%.
"Kwok Ka Yiu: Hong Kong stocks must rely on earnings prospects to find a way out"
Last Friday, SK Hynix's US shares closed 13% higher on their debut, but there remains a significant price gap between each ADR and the Korean shares, meaning the actual boost to the original Korean shares was limited. This morning, SK Hynix's share price in Korea plummeted by over 10%, dragging the Korean stock market down by 7% at midday. Compared to the declines in Asian markets, Hong Kong stocks only dropped dozens of points after reversing their early gains this morning, outperforming the Asia-Pacific region and even Mainland China's A-shares. Kwok Ka Yiu, the Director of Business Development at Harbour Family Office, told ET Net News Agency that although the situation between the US and Iran worsened slightly over the weekend, the overall indicators, including the increases in oil prices and the US dollar, were limited, so the overall negative impact was not substantial. Relatively speaking, global pair trades have reversed since July, with funds flowing out of hardware stocks. This has reversed the previous situation where Asian markets rose while Hong Kong stocks fell, and profit-taking and liquidation in the global hardware sector have helped funds flow back into Hong Kong stocks, easing the adjustment pressure on the Hong Kong market.
However, Kwok did not dare to assert that the HSI will definitely return to its position before the downward wave began in May, as there are still many factors to watch in the short term. These include whether the US Federal Reserve's interest rate meeting at the end of the month can signal a delay or even no need for rate hikes, as well as the upcoming interim earnings season for Hong Kong stocks, both of which will affect the upward momentum of Hong Kong stocks. Favourable news from both would be needed to confirm this upward momentum. Regarding whether the benefits to Hong Kong stocks from the current profit-taking wave in global hardware stocks can continue, he pointed out that the structural growth period of AI will have ups and downs, and it is difficult to say when funds will end their profit-taking. Relying solely on capital flows to support the market is an exercise in futility; individual stocks must have good earnings prospects to attract capital to hold Hong Kong stocks, otherwise, when capital flows dry up, they can only give back their gains. Before the preliminary earnings season, the HSI is expected to face resistance at 25,000.
"Holders of newly listed stocks should beware of selling pressure before lock-up expiry"
The performance of newly listed AI stocks in Hong Kong has diverged. Although Zhipu (02513) and MiniMax (00100) have both carried out capital expansion activities such as share placements and bond issuances after their lock-up expiries, the market's attitude towards AI models is becoming increasingly divided. UBS published a research report pointing out that although MiniMax is expected to expand its revenue and narrow its losses during the year, the gap between MiniMax's large model and the most advanced models will drag down its stock performance, directly slashing MiniMax's target price by half to HKD 500. Conversely, as Zhipu's model is at the technological forefront, the bank raised its target price by 90% to HKD 2,200. Kwok admitted that even without looking deeply into the technological gap between the two models, market reactions already show that Zhipu will certainly receive more support than MiniMax during corrections and will have stronger downside resilience, making bottom-fishing Zhipu a safer bet on paper.
He believes that Zhipu's 50-day moving average (around HKD 1,427) is also a level worth watching. However, he noted that the volatility in the relevant sector is high, so position sizes must be well-controlled when buying in. As for MiniMax, from a valuation perspective, it is relatively less suitable to touch. Regarding the recent large-scale fundraising activities of newly listed stocks after their lock-up expiries, he pointed out that these AI stocks indeed have a massive demand for capital, making share placements justifiable. Therefore, investors holding newly listed stocks in the future will also begin to prepare well ahead of the lock-up expiry.
AI hardware stocks led the decline today. Kingboard Hldg (00148) plunged 16.73% to HKD 61.2, KB Laminates (01888) dropped 15.13% to HKD 53.3, YOFC (06869) shed 14.89% to HKD 136, GigaDevice (03986) fell 10.84% to HKD 662, Gpixel (03277) slid 10.43% to HKD 74.7, P Xizhi Tech (01879) dipped 9.24% to HKD 310.4, and Wenge AI (01956) decreased by 8.89% to HKD 78.4.
The "Korea twins" tumbled, causing related 2x ETFs to hit a snag, as the CSOP SK Hynix Daily (2x) Leveraged Product (07709) plummeted 26.55% to HKD 65.66, and the CSOP Samsung Electronics Daily (2x) Leveraged Product (07747) dropped 15.93%.
"Kwok Ka Yiu: Hong Kong stocks must rely on earnings prospects to find a way out"
Last Friday, SK Hynix's US shares closed 13% higher on their debut, but there remains a significant price gap between each ADR and the Korean shares, meaning the actual boost to the original Korean shares was limited. This morning, SK Hynix's share price in Korea plummeted by over 10%, dragging the Korean stock market down by 7% at midday. Compared to the declines in Asian markets, Hong Kong stocks only dropped dozens of points after reversing their early gains this morning, outperforming the Asia-Pacific region and even Mainland China's A-shares. Kwok Ka Yiu, the Director of Business Development at Harbour Family Office, told ET Net News Agency that although the situation between the US and Iran worsened slightly over the weekend, the overall indicators, including the increases in oil prices and the US dollar, were limited, so the overall negative impact was not substantial. Relatively speaking, global pair trades have reversed since July, with funds flowing out of hardware stocks. This has reversed the previous situation where Asian markets rose while Hong Kong stocks fell, and profit-taking and liquidation in the global hardware sector have helped funds flow back into Hong Kong stocks, easing the adjustment pressure on the Hong Kong market.
However, Kwok did not dare to assert that the HSI will definitely return to its position before the downward wave began in May, as there are still many factors to watch in the short term. These include whether the US Federal Reserve's interest rate meeting at the end of the month can signal a delay or even no need for rate hikes, as well as the upcoming interim earnings season for Hong Kong stocks, both of which will affect the upward momentum of Hong Kong stocks. Favourable news from both would be needed to confirm this upward momentum. Regarding whether the benefits to Hong Kong stocks from the current profit-taking wave in global hardware stocks can continue, he pointed out that the structural growth period of AI will have ups and downs, and it is difficult to say when funds will end their profit-taking. Relying solely on capital flows to support the market is an exercise in futility; individual stocks must have good earnings prospects to attract capital to hold Hong Kong stocks, otherwise, when capital flows dry up, they can only give back their gains. Before the preliminary earnings season, the HSI is expected to face resistance at 25,000.
"Holders of newly listed stocks should beware of selling pressure before lock-up expiry"
The performance of newly listed AI stocks in Hong Kong has diverged. Although Zhipu (02513) and MiniMax (00100) have both carried out capital expansion activities such as share placements and bond issuances after their lock-up expiries, the market's attitude towards AI models is becoming increasingly divided. UBS published a research report pointing out that although MiniMax is expected to expand its revenue and narrow its losses during the year, the gap between MiniMax's large model and the most advanced models will drag down its stock performance, directly slashing MiniMax's target price by half to HKD 500. Conversely, as Zhipu's model is at the technological forefront, the bank raised its target price by 90% to HKD 2,200. Kwok admitted that even without looking deeply into the technological gap between the two models, market reactions already show that Zhipu will certainly receive more support than MiniMax during corrections and will have stronger downside resilience, making bottom-fishing Zhipu a safer bet on paper.
He believes that Zhipu's 50-day moving average (around HKD 1,427) is also a level worth watching. However, he noted that the volatility in the relevant sector is high, so position sizes must be well-controlled when buying in. As for MiniMax, from a valuation perspective, it is relatively less suitable to touch. Regarding the recent large-scale fundraising activities of newly listed stocks after their lock-up expiries, he pointed out that these AI stocks indeed have a massive demand for capital, making share placements justifiable. Therefore, investors holding newly listed stocks in the future will also begin to prepare well ahead of the lock-up expiry.
