HSI1 25,517.33 -492.13 291.15B
HSCEI1 8,471.36 -162.98 116.43B
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HSI Closes Down 492 pts as BABA-W Tumbles 8%+, Z.AI and MINIMAX-W Each Dive 10%, Kingboard Series Weaken After Results
2026-08-24 16:32:15
This morning (24th), the HSI opened down 229 pts before losses widened. The index settled at 25,517, down 492 pts or 1.89%, with full-day turnover of HKD291.151 billion. The HSCEI closed at 8,471, down 162 pts or 1.89%. The HSTECH came under notable pressure and ended at 4,594, down 172 pts or 3.61%.

Among dotcom behemoths, BABA-W (09988.HK) planned a new share placement to raise HKD80 billion. The stock closed down 8.54% at HKD112.5, slightly below the placement price of HKD112.7, making it the worst-performing blue chip of the day. TENCENT (00700.HK) dived 3.72%. XIAOMI-W (01810.HK) and KUAISHOU-W (01024.HK) slid more than 4%, while BIDU-SW (09888.HK) and NTES (09999.HK) eroded more than 3%.

For blue chips, SINOPEC CORP (00386.HK) spiked nearly 6%, becoming the best-performing blue chip of the day, after CLSA said its results beat and the higher payout ratio was a positive surprise. POP MART (09992.HK) soared 4.03% against the market trend. LI NING (02331.HK), which saw TP cuts from multiple brokers, cratered 4.14%. ZIJIN MINING (02899.HK) opened 3.4% higher before reversing losses to close down 0.31%, despite posting a 68% YoY surge in 1H profit and a 90% surge in interim dividend.

DeepSeek adjusted its API pricing, effectively halving fees over the weekend. HK-listed AI large model stocks were depressed. Z.AI (02513.HK) tumbled 10.81%, MINIMAX-W (00100.HK) plummeted 10.08%, and XUNCE (03317.HK) collapsed 10.65%, despite the company swinging to a profit of RMB72.51 million in interim results.

The Kingboard series announced results at midday. KB LAMINATES (01888.HK) reported a 2.09x leap in 1H profit and raised its dividend, but the stock still closed down 5.85%. KINGBOARD HLDG (00148.HK) posted a 5% YoY rise in interim profit and lifted its interim dividend, while its share price fell off 2.61%.
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AASTOCKS Financial News
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