HK Stocks Midday: Mirae Asset 2x Leveraged SK Hynix ETF Surges 59%
N.R. Finch
The Southern 2x Long SK Hynix ETF jumped 59% by midday — hitting 306% intraday at HK$103 — on HK$13.9 billion in turnover; a global AI-hardware rebound lifted robotics and AI-application names across the board, while the Hang Seng dipped 0.11% to 25,830.
A leveraged ETF spiked 300% intraday — what happened?
The Southern 2x Long SK Hynix ETF (07709) closed the morning at HK$40.50, up 59%; it had earlier surged to HK$103, a 306% gain, before pulling back sharply.
This means → a leveraged ETF — a fund that doubles the underlying asset's daily move — can swing far beyond the asset itself on an AI-hardware rally day. The intraday price is not the closing price.
The ETF alone turned over HK$13.9 billion, roughly 8% of the HSI's total morning turnover of HK$178.6 billion — a sign of intense short-term speculative interest.
Why did semiconductor-equipment stocks rally too?
ASMPT (00522) rose over 11% after its Q2 results and Q3 guidance both beat market expectations by a wide margin.
This means → the market read ASMPT's guidance as a real order signal that AI hardware demand is flowing from the chip layer down to the equipment layer — not just a concept trade.
In plain terms = chip companies are placing equipment orders, and equipment companies are posting stronger earnings — the chain is turning into actual revenue.
What expectations are driving the robotics rally?
Seer Intelligence (06106) gained 15%, Laifual Harmonic (03952) 14%, and Zhaowei Electromechanical (02692) 7.68%.
Two catalysts landed at once: Unitree Robotics won approval for its STAR Market IPO, and expectations for Tesla Optimus mass production by year-end are warming.
This reflects the market repricing robotics from "lab stage" to "production stage" — IPO approval and a production timeline are the two most direct signals.
AI-application stocks surged — on what?
Mafengwo / Marketingforce (02556) jumped over 22% — its AI-application business is scaling commercially, with first-half earnings up sharply year-on-year.
Zhipu (02513) gained over 20% — after expanding its compute-and-data-center capacity, GLM Coding Plan opened subscriptions, a concrete step in its monetization path.
MINIMAX-W (00100) rose over 12% — it officially launched MiniMax H3 and expects Stock Connect inclusion next month. In plain terms = Stock Connect inclusion means southbound mainland capital can buy the stock, lifting its liquidity outlook directly.
What logic is driving gold and other individual names?
Lingbao Gold (03330) rose 5% and Chifeng Gold (06693) 3% — yen intervention plus the Fed holding rates steady pushed the dollar lower, supporting a gold-price rebound.
Hengwan Technology (01523) surged over 21%, with first-half net profit up nearly 28% year-on-year; it plans an interim dividend of HK 15.66 cents.
Tankeblue Semiconductor (02631) gained over 9% — volume ramp of its 8-inch silicon-carbide substrates (a material for EV and power chips) may drive an earnings recovery; Changfeng Pharma (02652) jumped 21%, proposing a placing to raise roughly HK$295 million net for clinical development of novel drug candidates.
What to watch this afternoon?
Hygieia AI Technology (02706) spiked over 40% after its academician-expert workstation completed a strategic upgrade — a large move, but the catalyst is concept-driven and durability is unproven.
The Southern 2x Long SK Hynix ETF pulled back sharply after its 300%+ intraday spike. This means → whether the leveraged ETF's extreme volatility can persist depends on whether AI-hardware fundamentals attract further capital validation in the afternoon session.
The Hang Seng edged down 0.11% to 25,830 — calm at the index level, with structural momentum concentrated in three threads: AI, robotics, and gold.
Content is for reference only, not financial advice.