《Hong Kong Stocks》 Hang Seng Index rises by 702 points; Alibaba jumps by more than 12%; Zhipu rebounds by more than 13%

Overnight (7th), tensions in the Middle East rose again, the Dow Industrial Average fell 130 points, and chip stocks generally came under pressure, dragging the Nasdaq down by more than 1%. The Hang Seng Index opened 44 points higher today (8th) and then expanded its gains; it once rose by over 800 points. It closed at 24,199 points, up 702 points, or 2.99%. Full-day turnover reached HK$375.835 billion, the highest since the end of May. The Hang Seng Tech Index closed at 4,731 points, up 223 points, or 4.97%. The Hang Seng China Enterprises Index closed at 8,084 points, up 313 points, or 4.04%.

Leading internet/networking stocks rebounded strongly. Alibaba-W (09988.HK) +11.700 (+12.213%) saw short selling of $5.36 billion; the ratio was 18.088%. It returned to “red-bottom stocks,” trading at 107.5 yuan, up 12.21%, the best-performing blue-chip of the day. Kuaishou-W (01024.HK) +3.520 (+8.700%), after plunging 12% yesterday, saw short selling of $1.023 billion; the ratio was 16.155%. It rebounded 8.7% today. Bank of America Securities expects the company’s LingAI to begin unlocking value. Baidu-SW (09888.HK) +7.000 (+6.329%) saw short selling of $542 million; the ratio was 29.787%, up 6.33%. NetEase (09999.HK) +8.600 (+4.191%) saw short selling of $954 million; the ratio was 43.359%, up 4.19%. Tencent (00700.HK) +17.600 (+3.816%) saw short selling of $4.093 billion; the ratio was 15.284%. JD-SW (09618.HK) +4.000 (+3.831%) saw short selling of $436 million; the ratio was 31.772%, up about 3.8%. Meituan-W (03690.HK) +2.550 (+3.255%) saw short selling of $1.376 billion; the ratio was 23.582%, also up 3.25%.

Bank stocks performed strongly. CCB (00939.HK) +0.450 (+5.747%) saw short selling of $621 million; the ratio was 26.036%. BOC (03988.HK) +0.270 (+5.602%) saw short selling of $427 million; the ratio was 28.904%. BOC Hong Kong (02388.HK) +2.260 (+5.236%) saw short selling of $284 million; the ratio was 24.014%. And ICBC (01398.HK) +0.330 (+5.085%) saw short selling of $484 million; the ratio was 33.103%, up over 5%.

Pharmaceutical stocks were under pressure. WuXi Biologics (02269.HK) -1.120 (-3.045%) saw short selling of $291 million; the ratio was 19.296%, down 3.05%. WuXi AppTec (02359.HK) -3.900 (-2.595%) saw short selling of $167 million; the ratio was 12.975%, down 2.6%. WH Group (00288.HK), whose target price was cut by Goldman Sachs, -0.450 (-5.428%) saw short selling of $216 million; the ratio was 31.198%, down 5.43%.

For individual blue-chip stocks, Lenovo Group (00992.HK) +1.440 (+6.897%) saw short selling of $941 million; the ratio was 21.639%, up 6.9%. CATL (03750.HK) -24.000 (-3.681%) saw short selling of $743 million; the ratio was 29.175%, down 3.68%. HSBC (00005.HK) -1.400 (-0.913%) saw short selling of $250 million; the ratio was 15.176%, down 0.91%.

In semiconductor stocks, SMIC (00981.HK) +2.350 (+3.199%) saw short selling of $2.038 billion; the ratio was 17.300%, up 3.2%. Hua Hong Semiconductor (01347.HK) +6.100 (+3.389%) saw short selling of $1.279 billion; the ratio was 12.459%, up 3.39%.

The South Korean stock market closed down 5%, with a cumulative decline of more than 20% from its peak. In Hong Kong, CSOP 2x Long SK Hynix (07709.HK) -8.960 (-9.771%) saw short selling of $7.319 billion; the ratio was 47.261%, down 9.77%. CSOP 2x Long Samsung (07747.HK) -16.550 (-13.428%) saw short selling of $541 million; the ratio was 18.598%, plunging 13.43%.

Zhipu (02513.HK) +215.000 (+13.354%) saw short selling of $67.3 million; the ratio was 0.397%. After opening lower, it turned and surged; it rose 13.35% for the whole day. It has been reported that 70% of cornerstone investors have indicated they will hold for the long term. MINIMAX-W (00100.HK) +38.800 (+11.983%) saw short selling of $217 million; the ratio was 18.281%. With the lock-up shares expiring today, the share price also rose 11.98%.

Iran attacked U.S. military targets in Bahrain and Kuwait, international oil prices rose, and the “three oil barrels” traded positively. CNOOC (00883.HK) +0.680 (+3.223%) saw short selling of $259 million; the ratio was 14.381%, up 3.22%. PetroChina (00857.HK) +0.180 (+2.013%) saw short selling of $462 million; the ratio was 39.064%, up 2.01%. Sinopec (00386.HK) +0.020 (+0.490%) saw short selling of $130 million; the ratio was 13.405%, also up 0.49%.

For individual companies, Kingdee International (00268.HK) +0.950 (+14.984%) saw short selling of $196 million; the ratio was 28.416%, surging 14.98%. The company expects to turn to a profit in the interim period, earning up to RMB 60 million. After another reduction by the controlling shareholder’s family, Kingboard Holdings (00148.HK) -10.350 (-12.234%) saw short selling of $279 million; the ratio was 5.668%. The stock slumped 12.23% for the day. Citi believes the controlling shareholder has limited room for further selling, but it prefers Kingboard Laminates (01888.HK) -3.250 (-4.643%) saw short selling of $592 million; the ratio was 8.734%, which also fell 4.64%%. (mn/u) (Hong Kong stock quotes are delayed by at least fifteen minutes. Short selling data as of 2026-07-08 16:25.)