HK Stocks Midday Aug 7: Domestic AI Large Models Lead Gains, HSI Up 0.15%
Claire Weston
The Hang Seng Index rose 0.15% to 25,567 by midday on August 7, led by domestic large-language-model stocks and solar-grade polysilicon names, with first-half turnover hitting HK$141.2 billion — money is voting on two themes: a re-heating AI funding cycle and expectations of polysilicon supply cuts.
HSI barely green — where is the money going?
The Hang Seng closed the morning at 25,567, up 0.15%; the Hang Seng Tech Index gained 0.34%, slightly outpacing the broader market.
Morning turnover reached HK$141.2 billion, concentrated in two lanes: domestic AI large-language models and solar-grade polysilicon.
This means → today's session is not a broad rally but a "pick-a-side" market — capital is betting on the AI funding wave and polysilicon supply tightening.
Why did AI-model stocks explode together?
Two catalysts on the news wire: Kimi's Series G round repriced higher, and DeepSeek is reportedly raising US$8 billion at a US$74 billion valuation.
In plain terms = two leading players raising big money at the same time, and the market reads it as "the whole track is heating up."
MiniMax (00100) surged another 17.7%; on its first day in Stock Connect, northbound funds snapped up nearly HK$2.7 billion worth of shares, with ARR — annual recurring revenue, the repeatable subscription income a company books each year — jumping in a staircase pattern.
Zhipu (02513) rose over 17.57% as institutions said AI competition has shifted from single-model benchmarks to all-round capability; Haiqing Zhiyuan (01392) gained over 7% on interest in its model suite's ability to cut deployment costs for clients.
Polysilicon giants pledge to stop the price war — will it stick?
Eight major polysilicon producers signed an anti-price-war pledge. Xinte Energy (01799) jumped 10%; GCL Technology (03800) rose 7.46%.
This means → the market is betting on "supply-side contraction" — if the giants actually cut output, polysilicon prices could stop falling and recover.
But a pledge is not a binding production-cut agreement. This reflects a market trading on expectations, not facts — actual capacity changes will be the real test.
Which other stocks made big moves?
GigaDevice (03986) rose over 9% in both its A- and H-shares after prominent investor Ge Weidong added to his position against the trend; the memory supply-demand squeeze may persist.
Pacific Basin Shipping (02343) surged over 15% on first-half net profit of US$105 million, up 310% year-on-year — a pure earnings-driven spike.
Mongolia Energy (00975) gained over 13%, guiding to a first-half swing to profit exceeding US$100 million; Fosun International (00656) added 6%, guiding to first-half profit of RMB 1.5–1.8 billion.
Who bucked the rally?
MGM China (02282) fell over 5% after reporting a 20% year-on-year drop in first-half net profit and declaring an interim dividend of just HK$0.25 — shrinking earnings plus a disappointing payout.
WH Group (00288) slid 3.65% after its board postponed the interim-results review to August 28. In plain terms = when results are delayed, the market tends to price in bad news first.
What to watch in the afternoon session?
First, whether capital concentration in AI-model stocks holds — if northbound flows continue after lunch, it signals more than a short-term punt.
Second, whether the polysilicon anti-price-war pledge produces follow-through — concrete production-cut plans or capacity-adjustment timelines.
This reflects the test both of today's leading themes face in the afternoon: moving from expectation to verification.
Content is for reference only, not financial advice.