Hong Kong stocks closed (09.25) | Hang Seng Index closed down 1.01%, Beishui was absent, Hong Kong stock trading was sluggish, Lenovo Group (00992) closed up more than 3%, leading blue chip stocks

The Zhitong Finance App learned that with the Mid-Autumn Festival holiday coming on September 25, Hong Kong Stock Connect will be suspended. Beishui was absent from the slump in Hong Kong stock trading. The three major indices bottomed out and rebounded today. At one point, the Hang Seng Index fell nearly 2% intraday. At the close, the Hang Seng Index fell 1.01% or 251.04 points to 24510.09 points, with a full day turnover of HK$102.203 billion; the Hang Seng State-owned Enterprises Index fell 1.21% to 8165.78 points; and the Hang Seng Technology Index fell 1.13% to 4311.78 points.

Blue-chip stock performance

Lenovo Group (00992) performed well throughout the day, leading the Hang Seng Index constituent stocks. By the close, it had risen 3.16% to HK$37.16, with a turnover of HK$1,362 billion. CICC released a research report saying that after attending the Sina Finance AI Investment Summit and Lenovo Group Investor Exchange Meeting on September 16, the company further clarified the long-term profitability improvement path. At the same time, with the acceleration of commercialization of supernodes, Lenovo's competition in the field of AI infrastructure is being further extended from stand-alone servers to system-level capabilities. CICC maintains Lenovo Group's “outperforming the industry” rating and a target price of HK$51.

In terms of other blue-chip stocks, Dongfang Overseas International (00316) rose 0.9% to HK$145.1; Ideal Automobile-W (02015) fell 3.25% to HK$45.24; AIA (01299) fell 2.7% to HK$73.75; and ICBC (01398) fell 1.89% to HK$7.515.

Popular sector aspects

On the market, most sectors fell under pressure. Power equipment stocks had the highest decline, while petroleum stocks took back yesterday's gains. Major financial sectors such as domestic banks and domestic insurance collectively declined. On the other side, the CRO concept had the highest rise, and the innovative drug concept had mixed ups and downs.

CRO concept stocks had the highest gains. At the close, Kingsley Biotech (01548) was up 8.05% to HK$42.94; Gloria Ying (06821) was up 3.94% to HK$155.6; Pharmacom Kangde (02359) was up 2.24% to HK$209.6; and Pharmaceutical Biotech (02269) was up 2.12% to HK$53.

On September 21, it was reported in the media that the US Treasury is drafting new rules for biotechnology investment in China. Citi published a research report saying that the bank held another expert conference call on the 24th to discuss the future of US policy involving Chinese companies' pharmaceutical licensing arrangements. It believes that the US has a positive outlook on pharmaceutical licensing policies originating in China, and has constructive views on innovative drugs and biotechnology. Nomura, on the other hand, said that China's pharmaceutical “15th Five-Year Plan” highlights innovation and globalization, which is beneficial to innovative pharmaceutical companies and CRDMOs.

Oil stocks took back yesterday's gains. At the close, Shandong Molong (00568) fell 3.42% to HK$3.95; CNPC (00857) fell 2.13% to HK$9.41; CNOOC (00883) fell 1.85% to HK$23.4; and CNOOC Services (02883) fell 1.59% to HK$7.405.

According to CCTV news reports, French President Emmanuel Macron said on the evening of the 24th that France plans to convene a meeting of G7 member countries to discuss the release of strategic oil reserves in order to stabilize international oil prices. Furthermore, according to media reports quoted by the Financial Federation, representatives of the US and Iran are discussing a plan to gradually end the war. Among them, Iran needs to re-open the Strait of Hormuz, while the US side needs to lift the economic blockade against Iran.

Power equipment recorded the highest decline. At the close, Weichai Power (02338) fell 4.78% to HK$27.94; Shanghai Electric (02727) fell 3.5% to HK$2.895; and Dongfang Electric (01072) fell 0.55% to HK$18.18.

Oracle issued a force majeure notice to Blue Owl Capital at the Project Jupiter data center in New Mexico. If the project is delayed, Oracle is trying to defer payments. Investors' concerns about the future of the project have spread from core participants to surrounding supply chains, and public resistance to data center construction is also increasing selling pressure. Nationwide's Mark Hackett pointed out that this resistance is compounded by uncertainty about capital expenditure expectations, causing power equipment and construction machinery stocks to bear the brunt.

Popular exotic stocks

The new Geo motorhome (00805) continued to rise in the afternoon. At the close, it was up 22.64% to HK$11.13.

On September 18, the General Office of the State Council forwarded “Certain Measures to Promote RV Consumption” from 10 departments including the Ministry of Culture and Tourism to systematically break up motorhome consumption blockages in seven areas, including improving the quality of motorhome supply, optimizing motorhome registration and scrapping management, ensuring motorhome traffic and parking, strengthening the supply of motorhome travel products, improving motorhome rental services, and increasing financial support. As the first domestic motorhome company listed on the Hong Kong stock market, Singeo Motorhome continues to be deeply involved in mature overseas markets, and the export trailer motorhome business is firmly at the top of the Australian market share.

Multipoint Digital Intelligence (02586) achieved 11 consecutive days, and the stock price doubled within the month. At the close, it was up 11.91% to HK$8.41.

After the launch of Meta Muse, attention increased rapidly, and the market believes that the commercial traffic value of AI portals has been verified. According to the League of Nations Minsheng Computer Team, Multi-Point Digital Intelligence is expected to become the core node for agent calls: the penetration rate of the Top 100 domestic chain is 25%, and it covers more than 10,000 stores. The company has become one of the first closed test partners in the “WeChat AI smart device” ecosystem and is promoting collaboration with platforms such as Doubao.

Chow Tai Fook (00659) surged after its results. By the close, it had risen 6.53% to HK$8.4.

Chow Tai Fook Foundations announced its annual results for the year ended June 2026, with annual revenue of HK$27.0997 billion, up 11.59% year on year; profit attributable to shareholders was HK$2,392.6 billion, up 11% year on year. It is proposed to pay a final interest of HK33 cents per share, with an annual increase of 4% on a comparable basis. The company proposes to distribute 1 bonus share for every 10 shares, calling this move as a thank you to shareholders for their long-term support and increase the liquidity of the shares. Lyon said that Chow Tai Fook created results for the second half of the year and surpassed expectations at the end of the year, maintaining a “outperforming the market” rating.

Production cuts in Shandong Gold (01787) dragged down stock prices. At the close, it was down 3.47% to HK$20.

Shandong Gold announced that the company will adjust its 2026 production and operation plan, and that mineral gold production will be adjusted from no less than 49 tons to 36-38 tons as originally planned. The reasons for the adjustments include safety inspections due to industry safety incidents in the first half of the year, which affected production, and increasing domestic mine infrastructure construction efforts in the second half of the year. The company's mineral gold production in 2025 was 48.89 tons. It is expected that production will drop 11-13 tons year-on-year in 2026, and net profit will be affected.