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Hong Kong stocks fall at midday: Hang Seng down 0.76%, property stocks surge with Rongxin China up over 19%
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Hong Kong's three major stock indices fell at midday on September 23. The Hang Seng Index dropped 0.76% to 24,896.04, the Hang Seng Tech Index fell 0.97%, and the Hang Seng China Enterprises Index lost 0.73%. Tech and internet stocks were broadly lower, with Alibaba, Xiaomi, and Tencent each falling over 2%. PCB concept stocks led gains, with Kingboard Laminates rising over 5% as multiple brokerages noted that the cost transmission mechanism from upstream raw materials through midstream copper-clad laminates to downstream PCBs has been fully unblocked, with Q3 2026 expected as the inflection point for industry-wide profit improvement. Chinese property stocks were strong, with Ronshine China surging over 19%. Open Source Securities said that after the August 28 policy package, local authorities are intensively studying implementation details, with clearer rules expected by Q4 2026, and maintained a 'positive' rating on the sector, seeing room for further relaxation in core city restrictions, provident fund loans, and urban renewal. Application software stocks led declines, with Zhipu falling over 6%, after two major US AI labs—Anthropic and OpenAI—released lower-priced versions of their flagship models on Tuesday, cutting costs by 40% and 50% respectively. Separately, media reported that Chinese AI startup DeepSeek will brief the UN Security Council on AI risks this week.
Source report
Date: September 23
Hong Kong's three major stock indices all fell by midday trading. The Hang Seng Index dropped 0.76% to 24,896.04, the Hang Seng Tech Index declined 0.97%, and the Hang Seng China Enterprises Index fell 0.73%.
Sector Highlights
Technology Stocks Widespread Decline
- Major tech stocks saw broad losses, with Alibaba, Xiaomi, and Tencent each falling over 2%.
PCB Concept Stocks Lead Gains
- KB Holding rose over 5%.
- Multiple institutions have released research reports indicating that as upstream raw material prices continue to rise, downstream PCB manufacturers have recently begun re-quoting prices. This move signals that the cost transmission mechanism—from upstream raw materials, through midstream copper-clad laminates, to downstream PCBs—has been fully established. The market generally expects that Q3 2026 will mark the substantive turning point for profit improvement across the entire industry chain.
Real Estate Stocks Strong
- Ronshine China surged over 19%.
- According to Kaiyuan Securities, following the introduction of the "August 28 Comprehensive New Policies," relevant local authorities are intensively reviewing and providing feedback. It is expected that more detailed implementation rules will be available across regions by Q4 2026. The policies have introduced major institutional reforms to the real estate sector, steering the industry toward greater stability and solid development. On the demand side, the firm believes there remains significant room for relaxation in areas such as core city restrictive policy adjustments, housing provident fund loans, and urban renewal. If policy intensity and implementation pace are further strengthened, the process of stabilizing and recovering the real estate market could accelerate. The agency maintains a "positive" rating for the sector.
Application Software Sector Underperforms
- Zhipu fell over 6%.
- Two top U.S. AI laboratories launched low-cost versions of their flagship models on the same day. On Tuesday, Anthropic released its next-generation model Claude Opus 5.5, with usage costs reduced by approximately 40% compared to the previous generation. On the same day, OpenAI introduced two low-cost versions of ChatGPT-6, named Sol and Luna, priced 50% lower than the ChatGPT-5.6 series. Additionally, sources cited by foreign media reported that Chinese AI startup DeepSeek will brief the United Nations Security Council on the risks posed by artificial intelligence this week.
Source
新浪财经Eastern
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Hong Kong stocks fall at midday; Hang Seng Index drops 0.76% on tech weakness