HK Stocks Midday: Hang Seng Index Falls 0.97%, Optical Communication and PCB Concepts Buck the Trend
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The Hang Seng fell 248 points to 25,402 by midday, yet money piled into the computing-power supply chain — optical-communications and PCB stocks rallied against the broader sell-off, marking the session's clearest structural bright spot.
The market fell — so where did the money go?
The Hang Seng lost 0.97%; the Hang Seng Tech Index dropped 1%. Morning turnover hit HK$123 billion.
Capital did not sit on the sidelines. It rotated into computing-power-linked sectors.
This means → the market has a direction — it is just selective. A weak index with a strong theme is the textbook signal of a structural rally.
Why did optical-comms stocks lead?
Brokerages argue GPT-6 confirms the AI computing-power race has entered a white-hot phase. Optical communications — transmitting data with light instead of electricity, faster and lower power — is a direct beneficiary.
Cambridge Technology (06166) surged over 21%; Zhongji Innolight (03308) gained over 13%; YOFC (06869) rose more than 7%.
GBA Smart Computing (01396) added 6.8%, riding the same computing-power supply-chain logic.
In plain terms = the bigger and hungrier AI models get, the harder data centres need optical gear — and money is pricing that link in repeatedly.
PCB makers are all raising prices — what does that signal?
PCB (printed circuit board — the physical "skeleton" inside nearly every electronic device) makers announced collective price hikes. Brokerages expect Q3 earnings momentum to accelerate.
Guanghe Tech (01989) jumped 13.69%; Shenghong Tech (02476) rose 11%; Kingboard Laminates (01888) gained 7.7%.
This means → the price hike is not a single-company move; it is an industry-wide signal. Supply-demand has tilted toward sellers, and downstream customers are scrambling for capacity.
What do the single-stock movers tell us?
Duiba (01753) surged 26%, up over 400% in the past 12 sessions, as AI-powered short-drama monetisation gathers pace.
Jinhai Medical Technology (02225) rose over 19% after being added to the Stock Connect list; its H1 revenue mix improved markedly.
Sanhuan Group (06951) gained over 10% after Samsung Electro-Mechanics signed a large MLCC order — MLCCs are multi-layer ceramic capacitors, basic components in phones and servers — validating continued sector strength.
MINIMAX-W (00100) rose over 3% in early trade; its H3 model topped 24 million downloads within three weeks of launch.
Who fell — and why?
Haichang Ocean Park (02255) dropped over 15%. It was removed from the Stock Connect list today, and its H1 loss widened to RMB 332 million.
Simcere Holdings (02562) plunged over 32% to a record low — also removed from Stock Connect, despite northbound holdings still at roughly 40%.
This reflects the immediate, brutal impact of Stock Connect list adjustments on small-and-mid-cap names. Once the "northbound money" channel is cut, liquidity can evaporate in a single session.
What to watch this afternoon?
Whether optical-comms and PCB names hold their gains depends on whether AI computing-demand expectations get further fundamental data support.
In plain terms = the morning rally was driven by "logic is right, money follows." The afternoon — and the next few days — will test whether earnings can keep up with the narrative.
Volatility from Stock Connect list removals may continue to spread to other delisted names in the near term.
市场有风险，内容仅供研究参考，不构成投资建议。