Key Takeaways:
- HSI plunged 526 points to 24,802, a near two-month low on month-end settlement.
- Meituan sank 6% to a two-year low, leading blue-chip losses.
- SMIC and Hua Hong Semi bucked the trend on Changxin Technology's IPO approval.
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Hang Seng Index drops 526 points to 24,802 on month-end settlement
The Hang Seng Index tumbled as much as 526 points to 24,802, a near two-month low, pressured by month-end settlement and broad-based selling across technology and property stocks.
The selloff coincided with the monthly derivatives settlement, which typically amplifies intraday swings as fund managers adjust positions, according to AASTOCKS market data. The Shanghai Composite Index fell 0.2% and the Shenzhen Component Index lost 0.3% in tandem.
Meituan (美團, 3690.HK) dropped 6% to HKD73.05, its lowest in more than two years, with turnover reaching HKD3.9 billion. Other heavyweight tech stocks followed: Tencent Holdings (騰訊控股, 0700.HK) fell 2.9%, Alibaba Group (阿里巴巴, 9988.HK) lost 3.1%, and JD.com (京東, 9618.HK) declined 3.1%. Xiaomi (小米集團, 1810.HK) slid 2.9%. Local property developers also weakened, with Sun Hung Kai Properties (新鴻基地產, 0016.HK) down 3.1% and CK Asset Holdings (長實集團, 1113.HK) falling 2.4%.
The index's break below the 25,000 threshold signals potential for further downside in the near term, with traders watching for any policy response from Beijing or renewed buying via Stock Connect. The next catalyst for Hong Kong equities will be China's official manufacturing PMI data, due for release in early June.
Semiconductor stocks diverged sharply from the broader market. Semiconductor Manufacturing International Corp (中芯國際, 0981.HK) rose 3.6%, while Hua Hong Semiconductor (華虹半導體, 1347.HK) surged 11.4%, after Changxin Technology's STAR Market IPO was approved by the listing committee. The chipmaker plans to raise as much as RMB29.5 billion in what would be the largest A-share IPO this year and the second-largest on the STAR Market after SMIC's 2020 listing.
Big data and AI stocks showed mixed performance. Knowledge Atlas (金山雲, 2513.HK) jumped 7.4% to a record HKD1,530, with turnover of HKD898 million. MiniMax (00100.HK) slipped 0.6% and Xunce (3317.HK) fell 1.9%.
Resource stocks were among the worst performers, with Zijin Mining Group (紫金礦業, 2899.HK) and CMOC Group (洛陽鉬業, 3993.HK) each dropping more than 5%.
Turnover on the HSI reached HKD176.1 billion, above the 20-day average as month-end rebalancing drove elevated activity.
This article is for informational purposes only and does not constitute investment advice.
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