HK Stocks Midday: PCB Stocks Plunge Across the Board, GigaDevice Drops Over 15%
N.R. Finch
The Hang Seng slipped 0.11% to 25,178 at midday on July 28 as PCB and memory-chip names were dumped hard — markets now doubt the durability of AI capex expectations.
Why did PCB stocks collapse all at once?
Analysts say cracks have appeared in AI capital-spending expectations, and a shakeout across the PCB (printed circuit board — the basic wiring board inside chips and servers) sector is accelerating.
Kingboard Laminates (01888) fell 16%; Guanghe Tech (01989) dropped 14%. The entire sector is under pressure.
This means → capital is reassessing how certain the AI hardware chain really is. The links farthest from actual purchase orders get sold first.
Why is GigaDevice down over 15%?
GigaDevice (03986) extended its morning losses to over 15%, squeezed from two directions at once.
First, CXMT's expected IPO could pull capital away from GigaDevice into a new listing. Second, Morgan Stanley warned that China A-share memory prices are about to peak.
In plain terms = a new rival is about to compete for the same money, and the industry's most profitable phase may be ending — both blows landed together.
Lao Pu Gold: profit up 80% — so why the 22% crash?
Lao Pu Gold (06181) plunged over 22%. The company guided for first-half net profit growth exceeding 80% year-on-year — a headline that looks strong.
But second-quarter earnings fell sharply quarter-on-quarter. The quality of the growth disappointed — the good first half was carried almost entirely by Q1.
This reflects a market that prices not "how much was earned" but "whether the growth rate can hold."
What is dragging non-ferrous metals lower?
Ganfeng Lithium (01772) fell 5.7%; Chalco (02600) dropped 3%. The non-ferrous sector declined broadly.
Geopolitical tensions amplified volatility, while expectations of a production restart at the Grasberg copper mine — one of the world's largest — weighed on copper prices.
South Korea's KOSPI widened its losses after reopening. CSOP 2x Long SK Hynix (07709) fell over 24%, as bearish sentiment in the offshore memory chain continued to spill into Hong Kong.
Who bucked the sell-off?
VBill Technology (01037) surged over 66% after Foxconn proposed a general offer at a premium of about 55.46% — this is takeover money, not earnings-driven.
Fang Yuan Living Services (09978) jumped over 230% on resumption, following a cash offer at a discount of roughly 39.13%.
PICC P&C (02328) rose over 7% on expectations of strong first-half underwriting profits and investment returns. Shanghai Auntie (02589) added another 3%+, guiding for first-half net profit growth of 50% to 60% year-on-year.
What is happening on the AI application side?
Moonshot AI officially open-sourced its Kimi K3 model. Analysts see a major leap in open-source model capability.
Extreme Vision (06636) gained 8%; Chinasoft International (00354) rose 9%. Brain-computer interface names also mostly climbed, with Nanjing Panda Electronics (00553) up 8%.
This means → the AI chain is splitting from within: hardware (PCB, memory) is being dumped while applications (software, models) are being chased. Whether PCB and memory names stabilize in the afternoon session is the key window for gauging whether sentiment deteriorates further.
Content is for reference only, not financial advice.