Hong Kong stocks closed (08.28) | The Hang Seng Index closed up 0.07%, and gold and software stocks plummeted nearly 13% after Gaoshenghong Technology's (02476) performance

The Zhitong Finance App learned that the market paid attention to Federal Reserve Chairman Walsh Jackson Hall's big speech. By the close, the three major Hong Kong stock indices had mixed gains. By the close, the Hang Seng Index had risen 0.07% or 19.05 points to 25584.79 points, with a full-day turnover of HK$231,209 billion; the Hang Seng State-owned Enterprises Index closed flat at 8490.39 points; and the Hang Seng Technology Index fell 0.33% to 4605.15 points. Looking at the whole week, the Hang Seng Index fell 1.63%, the China Index fell 1.67%, and the Hengke Index fell 3.38%.

Dongwu Securities believes that the recent rise in the Hang Seng Index shows that market resilience still exists. However, the external interest rate environment is still suppressing, and the market is showing more structural characteristics. Everbright Securities said it is exploring “structural opportunities” in the direction of allocation. The Hong Kong stock market does not yet have the basis for a general rise in a bullish market. Instead, it has entered a structured market centered on “defending the bottom and developing capital for growth.”

Blue-chip stock performance

Dongfang Overseas International (00316) led the blue chip decline. At the close, it decreased by 8.65% to HK$156.2, with a turnover of HK$463 million. Dragged down 3.1 points. Orient Overseas International achieved revenue of US$5.173 billion in the first half of the year, up 6.1% year on year; gross profit of US$838 million, down 13.5% year on year; and net profit of US$728 million, down 23.7% year on year, with profit per share. 55 cents in the middle and 72 cents in the same period last year.

In terms of other blue-chip stocks, BYD Electronics (00285) rose 6.27% to HK$24.76, contributing 1.76 points; China Aluminum (02600) rose 3.61% to HK$8.765, contributing 1.75 points to the Hang Seng Index; Chuangke Industrial (00669) fell 2.52% to HK$135.2, dragging down 7.8 points; China Overseas Development (00688) fell 2.47% to HK$13.82, dragging down the Hang Seng Index 2.02 points.

Popular sector aspects

On the market, the trend of large technology stocks diverged. Tencent rose 1.65%, while Alibaba fell 1.39% under pressure. SaaS concept stocks surged nearly 12% in the intraday market today, spurred by Saifushi's higher-than-expected earnings report. Spot gold and silver rose in the short term, and most gold stocks rose; domestic housing stocks rose to prominence, and Sunac China rose more than 15% in the afternoon. On the other side, the storage concept, semiconductor, and PCB concept collectively declined under pressure, and Shenghong Technology's performance later fell by nearly 13%.

Gold stocks had the highest gains. At the close, China Gold International (02099) rose 7.72% to HK$273.4; China Silver Group (00815) rose 7.27% to HK$0.295; and Chifeng Gold (06693) rose 3.55% to HK$43.8.

Spot gold and silver rose in the afternoon. Spot gold returned to 4,600 US dollars, and spot silver broke through 70 US dollars, breaking a new high since June 17. CITIC Futures believes that before Walsh's speech comes to fruition, gold may continue to consolidate at a high level, focusing on Walsh's policy statement at the Jackson Hole annual meeting in the short term; in addition, the focus is on the progress of the resumption of navigation in the straits and the US non-agricultural data guidelines for August to be released on September 4. The logic of US fiscal credit and dollar depreciation in the medium term still clearly supports gold.

Software stocks are mostly higher. At the close, Kingdee International (00268) rose 6.23% to HK$8.95; McFTSE (02556) rose 4.68% to HK$55.95; and Jushuitan (06687) rose 2.34% to HK$15.72.

Overnight, US enterprise software giant Saifushi surged more than 22%, and its earnings report that exceeded expectations shattered previous market narratives about “model devouring software.” According to the data, Saifushi achieved revenue of 11.35 billion US dollars in the second fiscal quarter, an increase of 11% year on year, and realized net profit of 3.53 billion US dollars, an increase of 87% year on year. The core performance indicators all exceeded market expectations. The company's management clearly responded to concerns about “AI disrupting SaaS”: the company's customer churn rate fell to a record low, and the net new AOV growth rate hit a four-year high. At the same time, Bookings' high-end AI products such as A1E and A4x doubled month-on-month, showing that AI has not weakened the value of the SaaS platform; on the contrary, it is bringing new incremental monetization.

Domestic housing stocks were active. At the close, Sunac China (01918) rose 10.66% to HK$0.675; Xuhui Holding Group (00884) rose 5.41% to HK$0.039; and Longguang Group (03380) rose 3.21% to HK$1.445.

Recently, real estate-related policies have been intensively introduced in many places, and cities such as Beijing, Shanghai, Chengdu, and Xi'an have all released favorable policies, including measures such as adjusting purchase restrictions, reducing down payment ratios, and increasing the amount of provident fund loans. Analysts believe that the favorable policies in various regions were released at the right time, saving energy for the “Golden Nine Silver Ten” property market's traditional peak season. According to Caixin Securities, although the national sales data is still declining, the core cities where high-quality housing enterprises are focused have shown a continuous trend of structural improvement. Sales of high-quality housing enterprises are still growing year over year, and the sector has overreacted to pessimistic expectations.

Technology stocks such as storage, PCB concepts, and semiconductors led the decline. At the close, Shenghong Technology (02476) fell 12.96% to HK$220.2; Zhaoyi Innovation (03986) fell 5.81% to HK$486; and Lanqi Technology (06809) fell 5.38% to HK$285.

Shenghong Technology's performance declined significantly. In the first half of this year, Shenghong Technology achieved operating income of about 11.6 billion yuan, an increase of nearly 29% over the previous year; net profit to mother was close to 2.9 billion yuan, an increase of more than 33% over the previous year. In addition, an announcement this morning about Chen Tao, the actual controller of the company, transferring shares to his spouse attracted market attention. At this point, two months have passed since the pink storm. The actual controller, Chen Tao, transferred 39% of his shares in Shenghua Xinye and 35% of Hongda Investment to his spouse Liu Chunlan. The two parties continued to sign a concerted action agreement, and there was no change in actual control of the company.

It is worth noting that tonight, Federal Reserve Chairman Walsh will deliver the most watched public speech since taking office at the Jackson Hole Global Central Bank Annual Meeting. The Bank of America said that if Walsh does not give a clear signal to raise interest rates, the yield on US 30-year Treasury bonds may soar to 5.5% or even higher. According to another report, eight people familiar with related discussions revealed that although technology companies warned that the imposition of tariffs might dispel hopes that the US will dominate in the field of artificial intelligence, the Trump administration is still considering imposing a new round of comprehensive tariffs on semiconductors.

Popular exotic stocks

Hygea Healthcare (06078 ) was strong throughout the day. At the close, it was up 12.2% to HK$10.58.

Hygea Healthcare announced 2026 interim results, with revenue of 1.96 billion yuan for the first half of the year, down 1.4% year on year; net profit of 260 million, up 4.7% year on year; adjusted net profit of 270 million yuan, up 1.5% year on year, up 38.1% month on month. The gross profit margin was 27.4%, and the adjusted net profit margin was 13.6%, all of which showed a steady recovery over the same period last year.

Gushengdang (02273) picked up in the afternoon. At the close, it was up 8.26% to HK$29.1.

Gushengtang announced its 2026 interim results at noon. It achieved revenue of 1,653 billion yuan (RMB, same below) for the first half of the year, an increase of 10.57% over the previous year; profit attributable to shareholders of $221 million, an increase of 45.54% over the previous year; it plans to pay an interim dividend of HK$1.15 per share, or HK$0.35 for the same period last year.

Gu Ming (01364) performed brilliantly. At the close, it was up 5.56% to HK$26.6.

Gu Ming achieved revenue of 7.47 billion yuan in the first half of the year, up 31.9% year on year; profit attributable to parent company owners was 1,571 billion yuan, a decrease of 3.4% year on year; adjusted profit of 1,568 billion yuan, up 44.4% year on year; and adjusted core profit of 1,730 billion yuan, up 53.3% year on year. In the first half of the year, Guming's total GMV reached 19.747 billion yuan, an increase of 40.11% over the previous year.

Shimao Group (00813) stock price fell sharply. At the close, it was down 11.94% to HK$0.059.

Shimao Group announced last night that China Communications Trust Co., Ltd. (petitioner) filed a winding-up petition against the company with the Hong Kong High Court on August 27. The petition involved judgment debts arising from four judgments handed down by mainland Chinese courts, with a total amount of RMB 2,498 billion. The High Court has set the date for the first hearing of the petition on November 11.

Zoomlion Heavy Industries (01157) plummeted after the results. At the close, it was down 9.35% to HK$6.305.

Zoomlion Heavy Industries announced results. Revenue for the first half of the year was 27.135 billion yuan, up 9.17% year on year; domestic and overseas sales both achieved growth, with domestic revenue of 11.6 billion yuan, up 5.08% year on year, and overseas revenue of 15.535 billion yuan, up 12.45% year on year. Net profit attributable to the parent company during the period was 2.102 billion yuan, a year-on-year decrease of 23.97%.