Hong Kong stocks closed (09.29) | Hang Seng Index closed down 0.48%, domestic housing stocks, innovative drug concepts strengthened, Kangfang Biotech (09926) surged more than 15%
The Zhitong Finance App learned that US Treasury yields remain high, and the market is watching a series of US economic data this week. The three major indices of Hong Kong stocks fell under collective pressure. At the close, the Hang Seng Index fell 0.48% or 118.94 points to 24523.57 points, with a full-day turnover of HK$184.630 billion; the Hang Seng State-owned Enterprises Index fell 0.46% to 8178.81 points; and the Hang Seng Technology Index fell 1.08% to 4249.62 points.
Galaxy Securities believes that Hong Kong stocks lack the catalyst for upward trends in the short term. Previously, interest rate hikes in some capital games rebounded, but the overall tone of the Federal Reserve's September interest rate meeting was more hawkish than market expectations. The bitmap shows that interest rates are expected to be raised at least once more during the year. Chairman Walsh listed inflation as the main contradiction, sending a clear anti-inflation signal. This means that the logic of running out of profit has been broken, and the uncertainty has not been eliminated, but rather delayed until the fourth quarter.
Blue-chip stock performance
Longhu Group (00960) led the blue chip increase. At the close, it rose 5.87% to HK$5.77, with a turnover of HK$222 million. The executive meeting of the State Council was held on September 28. The meeting pointed out the introduction of a number of pragmatic and practical incremental policies, and the study and introduction of policies and measures to stabilize the real estate market. Orient Securities believes that in the short term, the timing window for grasping the trading market at the end of the third quarter and the end of the fourth quarter; in the medium term, 2027 is expected to be the starting point for a systematic beta revaluation of the real estate sector.
In terms of other blue-chip stocks, China Overseas Development (00688) rose 3.72% to HK$13.37; China Resources Land (01109) rose 3.39% to HK$30.46; Budweiser Asia Pacific (01876) fell 4.76% to HK$5.805; and New Oriental-S (09901) fell 2.87% to HK$43.34.
Popular sector aspects
On the market, large technology stocks were generally lower, with Ali down 1.39% and Tencent down 1.77%. The National Standing Committee recently deployed to stabilize the real estate market, and most domestic housing stocks have strengthened; computing power hardware stocks such as PCBs and optical communications have rebounded; innovative drug concepts have surged by more than 15%; gold stocks have generally picked up, and the market is watching a series of US economic data this week; and trends such as automobile stocks and shipping stocks are weak.
Domestic housing stocks are trending strongly. At the close, Vanke Enterprise (02202) rose 11.29% to HK$2.81; Greentown China (03900) rose 9.75% to HK$6.70; Sunac China (01918) rose 8.66% to HK$0.69; and China Jinmao (00817) rose 7.45% to HK$1.37.
The executive meeting of the State Council was held on September 28. The meeting pointed out the introduction of a number of practical and effective incremental policies, and the study and introduction of policies and measures to stabilize the real estate market and promote employment income growth. On the 24th, Beijing's “Implementation Opinions on Implementing the 'Notice on Improving the Commercial Housing Sales System'” came into effect; on the 28th, Shanghai issued the “Implementation Opinions on Implementing the 'Notice on Improving the Commercial Housing Sales System'”. Orient Securities believes that in the short term, the timing window for grasping the trading market at the end of the third quarter and the end of the fourth quarter; in the medium term, 2027 is expected to be the starting point for a systematic beta revaluation of the real estate sector.
Innovative drug concept stocks surged against the market. At the close, Kangfang Biotech (09926) rose 15.54% to HK$106.3; Conoa-B (02162) rose 8.82% to HK$79.6; and Lepu Biotech (02157) rose 8.28% to HK$4.12.
A number of innovative pharmaceutical companies have ushered in benefits. Summit Therapeutics, an overseas partner of Kangfang Biotech, announced that AstraZeneca will invest 2 billion US dollars in strategic equity investment in Summit and will take the lead in promoting the clinical research of Kangfang's world's first cancer immunity 2.0 cornerstone drug, Eversi in combination with AstraZeneca Sonesitatug Vedotin (CLDN18.2 ADC) for various gastrointestinal tumors; Hengrui Pharmaceutical announced that it has reached an exclusive licensing agreement with Novo, with a potential total transaction volume of up to 2.6 billion US dollars. Over the past year, Hengrui Pharmaceutical has successively reached a number of relevant licensing agreements with multinational pharmaceutical giants such as Bristol-Myers Squibb, GSK, and MSD.
PCB and optical communication concept stocks rebounded. At the close, Guanghe Technology (01989) rose 9.27% to HK$125; Changfei Optical Fiber Cable (06869) rose 7.40% to HK$167; Jiantao Group (00148) rose 4.53% to HK$55.4; and Shenghong Technology (02476) rose 3.04% to HK$200.
With the accelerated implementation of AI technology, demand in the AI server market ushered in explosive growth, directly driving supply-side structural changes in the PCB industry, and the overall prosperity of the industry continued to heat up. According to Guojin Securities, strong demand for AI has led to a sharp rise in PCB prices. Currently, many AI-PCB companies have strong orders, full production and sales, and are vigorously expanding production, and high performance growth is expected to continue. Furthermore, in response to the recent Chinese optical transceiver restriction bill proposed by US senators from both parties, Citi explained that the new bill is not a complete ban and will have little impact in the short term.
Auto stocks fell collectively. At the close, Chery Auto (09973) fell 3.96% to HK$23.28; Ideal Automobile-W (02015) fell 2.62% to HK$44.54.
Orient Securities pointed out that in the second quarter, automobile companies' overall profit and gross margin performance was weak due to external factors such as rising raw material prices and exchange rate fluctuations. However, after excluding the impact of exchange, some companies with strong overall competitiveness and high management efficiency still achieved year-on-year improvements in net profit and gross margin to their mother; it is expected that continued export growth and marginal weakening of the influence of exchange in the second half of the year will contribute to a marginal improvement in the performance of some companies with strong competitive strength.
Popular exotic stocks
Pilot Intelligence (00470) AH shares strengthened. At the close, it was up 7.69% to HK$27.46.
The “Fifteenth Five-Year Plan for the Development of the New Battery Industry” jointly formulated by the Ministry of Industry and Information Technology and seven other departments was officially released on September 28. It is proposed that all solid-state batteries will initially be applied on a large scale by 2030; as early as 2024, Pioneer Intelligence has opened up the entire solid-state battery process mass production process, launched an all-solid-state battery line solution, and completed the delivery and implementation of multiple sets of complete equipment.
Xiyin-W (00625) hit a new low. At the close, it was down 10.71% to HK$31.5.
Xiying announced its first interim results since listing. Net revenue for the first half of the year was US$20.034 billion, up only 1% year on year; adjusted net profit was US$499 million, down 55.6% year on year. Looking at the second quarter alone, net revenue was US$11.082 billion, up 0.9% year on year, and adjusted net profit was US$228 million, down 66.6% year on year.
Today's four IPOs were listed on the same day
Jingwang Electronics (03228) drives low and runs high. At the close, it was up 10.26% to HK$77.05.
Jingwang Electronics is a national high-tech enterprise specializing in the R&D, production and sale of printed circuit boards (PCBs). It was transferred to the Hong Kong Stock Exchange on the first day of listing. There was a huge arbitrage difference between the Hong Kong stock fund-raising pricing and the A-share market price. On September 28, the closing price of A-shares was 95.00 yuan/share, and the Hong Kong stock issue price was discounted by 37%.
BenmaTech (06731) performed brilliantly. At the close, it was up 7.41% to HK$23.2.
Benmao Technology has built three core robot technology platforms: robot power modules, wheel foot robots, and modular splicing, as well as two product lines: robot power module and robot machine, to form a two-wheel drive development system from core component empowerment to the entire airport landscape.
Roboco (03757) broke the first slot. At the close, it was down 4.95% to HK$414.4.
After completing the acquisition of Germany's FiConTec in 2025, Roboco acquired photonic chip automated packaging and testing equipment capabilities. In terms of revenue in 2025, the company ranked first in the world in the field of silicon light intelligent manufacturing equipment, with a market share of 20.5%.
Tongcheng New Materials (09607) is under pressure throughout the day. At the close, it was down 9.14% to HK$39.98.
The Tongcheng New Materials business covers three divisions: rubber additives for tires and other chemical products, electronic materials, and fully biodegradable materials. On the day before listing, Phillip had an extreme offer of HK$0.985 in the dark market, which collapsed by about 98% compared to the issue price. Market analysts said a “bad luck” situation was possible.