All three major Hong Kong stock indices fell: the Hang Seng Index dropped by 1.03%, the Hang Seng Tech Index fell by 2.72%, and the State-owned Enterprises Index fell by 0.98%.

As of the close, 574 Hong Kong stocks rose, 1,929 stocks fell, and 838 stocks remained unchanged.

In terms of sectors, tech stocks generally declined: Baidu Group-W fell by 4.51%, Alibaba-W fell by 3.71%, Kuaishou-W fell by 3.18%, Xiaomi Group-W rose by 2.65%, Meituan-W fell by 2.14%, Tencent Holdings fell by 1.32%, JD Group- SW fell by 1.13%, and NetEase fell by 0.51%.

Semiconductor stocks declined: GDS Technology fell 13.64%, Biren Technology fell 11.86%, Lanqi Technology fell 11.09%, Jiangbolong fell 8.53%, Huahong Hongli fell 7.83%, GigaDevice Technology fell 5.90%, Innosilicon fell 4.40%, and SMIC fell 3.96%.

Many shipping and port stocks declined, with COSCO Shipping falling by 15.64%, Pacific Shipping down 9.73%, CIMC Group dropping 6.63%, Haifeng International losing 6.55%, Dexiang Maritime Shipping decreasing by 6.02%, COSCO Shipping Holdings falling 3.24%, Orient Overseas International dropping 3.21%, and China Merchants Port Corporation declining 2.39%.

Stocks in the mobile phone industry chain generally fell: Lenovo Group dropped by 14.54%, ASMPT fell by 8.72%, Huahong Hongli fell by 7.83%, Jiantao Group fell by 7.45%, SMIC fell by 3.96%, ZTE Corporation fell by 3.84%, Sunny Optical Technology fell by 2.89%, and Xiaomi Group-W rose by 2.65%.

Non-ferrous metals stocks generally declined: Luoyang Molybdenum Co., Ltd. fell by 6.83%, China Hongqiao Group fell by 6.65%, Minmetals Resources fell by 6.42%, Chinalco fell by 6.27%, Jiangxi Copper Co., Ltd. fell by 4.24%, Zijin Mining fell by 2.50%, Zijin Gold International fell by 2.25%, and Shandong Gold fell by 0.44%.

Many lithium battery stocks declined: CATL fell 3.94%, Ganfeng Lithium fell 3.76%, Longpan Technology fell 3.39%, Zhongxin Innovation Aviation fell 2.80%, Tianqi Lithium fell 2.78%, BYD Electronics fell 2.61%, Tianneng Power rose 0.14%, and BYD Co., Ltd. rose 0.14%.

Some innovative drug concept stocks rose against the market trend: Tongkangyuan increased by over 4%, Hengrui Medicine by over 3%, BeiGene and ZaiDing Medicine by nearly 3%, and China Biopharmaceuticals by over 2%. The new medical insurance policy, combined with ESMO, has been a strong catalyst.

In terms of individual stocks, Haidilao's shares tumbled nearly 3% during trading. Zhang Yong's borrowing further dampened investor sentiment, and the recovery in table-turning rates (a measure of customer satisfaction) was relatively weak compared to the same period last year.

Agricultural Bank of China rises over 3% to a new high; Citibank expects the bank's third-quarter performance to exceed expectations, mainly due to the revaluation of Changxin's equity.

Xiaomi Group rises nearly 3% during trading; the Pengcheng series enters a new growth cycle. AI empowers the entire ecosystem of people, vehicles, and homes.

Pilot Intelligence tumbles nearly 7% to a new intraday low; early signs of slowing down in battery capital expenditure, Citibank downgrades company rating and target price.

COSCO Shipping's shares tumbled nearly 16% as reports suggest the US is considering lifting sanctions on shadow fleet tankers.

IFBH rises by over 7%; Shu Yong takes on the role of the first CEO in China, having previously worked at companies such as Wei Long and Wahaha.

Hisense home appliances fell by more than 5% in the late trading session. Bank of America expects revenue in the third quarter to decline by a single digit, which is a deterioration from the second quarter.

Minhua Holdings tumbled more than 5%; after issuing a profit warning, the stock price has fallen by over 20% in total. Rising costs and impairment of its US business have dragged down profits.

In terms of the Stock Connect, today there was a net outflow of HK$5.08 billion through the Stock Connect (southbound).

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