Hong Kong Stocks Sept 28 Close: Hang Seng Up 0.54%, AI Hardware and Gold Stocks Plunge
nashnova research
The Hang Seng Index rose 0.54% to 24,642 on Sept 28, but AI hardware and gold miners sold off sharply — a proposed U.S. ban on Chinese optical modules and U.S. Treasury yields hitting twenty-year highs crushed both themes on the same day.
Three indexes diverged — who won and who lost?
The HSI gained 0.54% to 24,642.51, with turnover at HK$177.5 billion. The HSCEI rose 0.63%.
The Hang Seng Tech Index bucked the trend, falling 0.37% to 4,296, dragged down by semiconductor and hardware names.
This means → today was not a broad-based rally. Capital rotated away from tech hardware into defensive plays like energy and utilities.
Why did AI hardware stocks crash?
Changfei Fiber Optic (06869) fell 16.62%, Innolight (03308) fell 12.21%, Cambridge Industries (06166) fell 11.93% — optical-communications stocks were hit across the board.
Negative one: a bipartisan group of U.S. lawmakers introduced a bill to ban Chinese optical modules from federal sensitive systems, naming Innolight and Eoptolink as restricted suppliers.
Negative two: Hengtong Optoelectronics plans to raise up to RMB 6.636 billion via a share offering for nine projects including optical communications. The market fears a capacity glut.
Negative three: OpenAI said it has paused training of its latest AI model — the second pause in three months — stoking concerns that AI demand may be slowing.
Why did gold stocks also fall?
Lingbao Gold (03330) dropped 10%, Shandong Gold (01787) fell 9.35%, Chifeng Gold (06693) fell 5.22% — gold miners declined across the board.
The direct cause: surging U.S. Treasury yields. The 30-year yield touched 5.53% intraday, the highest since 2004; the 10-year broke above 5.20%.
This means → the higher bond yields go, the greater the opportunity cost of holding gold (a non-yielding asset). Gold prices come under pressure and miners follow. Spot gold has already slipped below $4,150/oz.
Which sectors bucked the selloff?
Energy: PetroChina (00857) rose 3.08%, China Shenhua (01088) gained 3.02%, China Coal Energy (01898) added 2.21%. U.S.-Iran tensions continued to stir oil-price expectations — Trump said talks with Iran would resume this week, but added he was "always considering" whether to resume military strikes.
Utilities: Huaneng International (00902) led with a 5.97% gain. Jiangsu's October centralized power-trading price hit RMB 395.32/MWh, up RMB 50.8 month-on-month; Guangdong's monthly average reached RMB 456.78/MWh, up RMB 53.5. Guosheng Securities noted both provinces saw prices rise on both year-on-year and month-on-month bases, reinforcing a signal that power tariffs are stabilizing higher.
Property: China Jinmao (00817) rose 6.69%, Greentown China (03900) gained 4.18%. Beijing on Sept 24 rolled out detailed rules for commercial housing sales reform — Guotou Securities noted Beijing is the first city to do so, and the demonstration effect is strong.
What stood out among blue chips?
NetEase led blue-chip gainers, up 4.86% to HK$189.7. Goldman Sachs, after evaluating NetEase's 2027 game pipeline, expects next year's pipeline to contribute over 10% incremental revenue.
China Overseas Land rose 3.78%, PetroChina gained 3.08% — property and energy blue chips advanced together.
Semiconductor blue chips lagged: Hua Hong Semi (01347) fell 4.62%, SMIC (00981) fell 3.63%, echoing the broader AI-hardware selloff.
Movers of the day — and what comes next?
Litomysl (01936) surged 116.09% on resumption: the offeror acquired roughly 77.94% of the enlarged share capital at HK$0.617/share; the company is also considering a special dividend of HK$0.29/share.
Goodbaby International (01086) jumped 24.54%: the offeror plans to take the company private at HK$1.5/share, a 38.89% premium to the Sept 25 close.
Huatai Securities' view: in the medium term, Hong Kong valuation recovery remains constrained by global liquidity. They recommend dividends as a core position and adding oil-and-gas for value; whether AI hardware can stabilize once the U.S. legislative risk becomes clearer is the key watch-point ahead.
市场有风险，内容仅供研究参考，不构成投资建议。