Hong Kong stocks fell on October 8th, with the Hang Seng Index breaking below 24,000 points and the Hang Seng Tech Index dropping by 2.89%, hitting a new low since September 26, 2024. Shares related to large-scale models, semiconductors, and storage chips saw significant declines.
Closing data on October 8th showed the Hang Seng Index at 23,785.79 points, down by 344.71 points, a decrease of 1.43%. The Hang Seng Tech Index was at 4073.38 points, down by 121.11 points, a decline of 2.89%.
The Hang Seng China Enterprises Index fell by 0.89% to 8010.58 points, with a total daily turnover on the main board of approximately 2072.55 billion Hong Kong dollars.
Shares of large-scale models experienced significant drops, with DeepVision Intelligence down by 20.60%, MindTech-W down by 14.38%, MINIMAX-W down by 13.74%, and GenTech falling by over 7%.
Semiconductor stocks were also under pressure, with BitRan Technology falling by over 11%, SMIC dropping by 9.21%, SMIC International falling by over 6%, and Shanghai Fudan down by over 5%.
Other tech stocks generally trended lower as well. Lenovo Group fell by over 8%, Kuaishou dropped by 3.91%, Baidu Group by 3.07%, and Tencent Holdings by over 2%. Among robot-related shares, Megawin Mechatronics fell by 11.56%, and Yitu Tech dropped by 5.92%.
In the storage chip sector, Jiangpolong closed down by 7.78%, Montage Innovation by 7.47%, and BlueOcean Technologies by 6.05%.
Shares related to optical communication also saw declines, with LightCore Semiconductor falling by 13.27% and Changfei Fiber Optics dropping by over 6%.
A research report released by CITIC Securities on October 8th stated that with overseas interest rates staying high and mainland China investors absent during the long holiday, Hong Kong stocks performed weakly during the holiday period. The institution noted that Hong Kong stocks had been on a continuous weakening trend for about two months.
“Southbound funds” refer to funds from mainland China investors entering the Hong Kong stock market through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs.