HK Stocks Morning Session: HSI Down 0.42%, Tencent Bucks Trend with 2.83% Gain to Lead Blue Chips
N.R. Finch
The Hang Seng Index dropped 98 points to 23,517 on July 7 morning trade, with turnover hitting HK$187 billion; Tencent rose 2.83% to lead blue chips, while PCB stocks sold off hard on Nvidia Kyber-delay fears.
The market fell — so why did Tencent rise?
The Hang Seng slipped 0.42% and the Hang Seng Tech Index shed 0.28% — a broadly soft morning.
Tencent (00700) bucked the trend with a 2.83% gain, the standout blue chip. This means → money actively chose Tencent as a safe harbor on a down day.
Two pieces of news landed at once: Tencent released its next-gen AI model Hunyuan Hy3, and separately disposed of listed-company stakes worth potentially over HK$10 billion. In plain terms = one hand pushes a fresh AI narrative, the other cashes out legacy holdings — and the market clearly bought the AI story.
Which small caps surged the most?
Gogox Tech (02655) jumped 21%, taking its two-day rally past 50%, as the company expands Nordic energy-storage applications.
Flexiv Technology (06871) soared 46% after striking a strategic partnership with South Korea's MiR and unveiling the Hongjun 001 humanoid wheeled-arm robot. This means → the market is paying an extreme premium for the "robotics + overseas partnership" theme.
Accelight (01191) rose over 15% after showcasing a next-gen silicon-photonics solution — a chip technology that moves data with light instead of electricity — and a 6.4T NPO optical engine at MWC Shanghai.
Excavator sales surged — what does that signal?
June excavator sales grew 35.3% year-on-year, lifting construction-machinery stocks.
Sany Heavy (06031) rose over 2%; Lonking Holdings (03339) gained 2%.
This reflects a real pick-up in infrastructure and property construction activity on the ground — excavator sales are the most direct "groundbreaking thermometer."
Why did PCB stocks drop together?
The trigger: Nvidia responded to rumors of a Kyber delay, and Asia's computing-power supply chain came under immediate pressure. In plain terms = Kyber is Nvidia's next-generation product line; a delay would disrupt order timelines for the companies making its circuit boards.
Da族CNC (03200) fell 9%, Kingboard Laminates (01888) dropped 8.87%, Kingboard Holdings (00148) lost 7.5%, Shenghong Tech (02476) slid 7%, and Guanghe Tech (01989) shed 5%.
This means → the "pick-and-shovel" trade in AI hardware is heavily tethered to Nvidia's product cadence — one delay rumor can trigger a sector-wide sell-off.
What other movers deserve attention?
Topsports (06110) fell over 5% after Nike cut discounts in the China market; UBS noted the probability of Nike terminating online authorization is low, but short-term sentiment has already hit the stock.
COSCO Shipping Energy (01138) dropped another 6%+ as strait uncertainty persists and thin public cargo on the Persian Gulf is driving high freight-rate volatility.
IPO Tongrentang Healthcare (02667) plunged 40% on its debut — the company is Tongrentang's traditional-Chinese-medicine healthcare arm. In plain terms = a 40% first-day break means the market flatly rejected the IPO pricing; whether it can stabilize by the close is the next thing to watch.
Content is for reference only, not financial advice.