Today, the main theme in the Hong Kong stock market remained the AI industry chain sectors, such as chip stocks.
Hong Kong stocks showed mixed performance. On May 11th, compared to other major markets in the Asia-Pacific region, the overall performance of the Hong Kong market was relatively subdued. By the close, the three major indices were mixed. The Hang Seng Index rose by 0.05% to 26,406 points; the Hang Seng China Enterprises Index fell by 0.05%, while the Hang Seng Tech Index increased by 0.07%.
In terms of market sectors, chip stocks were today's main focus. Despite the strong gains in chip stocks, the Hang Seng Index only recorded a slight increase, with heavyweight tech stocks performing weakly. Trip.com Group fell by over 4%, while Alibaba Group, Baidu, and Bilibili saw declines of around 3%.
Additionally, due to strong U.S. non-farm payroll data dampening expectations for interest rate cuts, spot gold fluctuated and declined. Amid escalating U.S.-Iran tensions and a rebound in oil prices, transportation sectors such as airline stocks collectively adjusted.
Chip stocks were the strongest theme. Last Friday, U.S. memory chip stocks surged. As the week began, chip stocks in the Asia-Pacific market collectively exploded.
In the Hong Kong market, CSOP Hang Seng Index 2x Leveraged ETF soared by over 30% during the session. Montage Technology and Naxim Semiconductor rose by more than 10%, while GigaDevice Semiconductor and Semiconductor Manufacturing International Corporation also strengthened.
On the news front, ByteDance is increasing its investment in AI computing power. According to reports, ByteDance is ramping up its investment in artificial intelligence infrastructure, with the company's planned capital expenditure for this year exceeding RMB 200 billion, a 25% increase from its initial plan. The upward revision in capital expenditure is primarily due to two factors: ByteDance's growing investment in AI and rising memory chip costs.
Several other cloud giants are also increasing their capital expenditures. On May 6th, TrendForce released a report indicating that as most major North American cloud service providers recently revised their capital expenditure guidance for 2026 upward in response to strong AI demand, the combined annual capital expenditure estimate for nine major cloud providers (Google, AWS, Meta, Microsoft, Oracle, as well as ByteDance, Tencent, Alibaba, and Baidu) has been raised to approximately $830 billion. The year-on-year growth rate has also increased from the original 61% to 79%.
The supply side of chips is tightening. For example, SK Hynix's latest financial report revealed that the company's inventory is only about four weeks, with products "shipped immediately after production, leaving almost no room for inventory accumulation." Meanwhile, global wafer fab capacity utilization has surged to over 90%, with some production lines operating at full capacity.
Gold stocks fell sharply. Strong non-farm payroll data dampened expectations for interest rate cuts, leading to a decline in spot gold. Gold stocks in Hong Kong plummeted, with Tongguan Gold falling by over 10%, while Chifeng Gold, Lingbao Gold, and IAMGOLD also experienced significant declines.
The transportation sector adjusted again. Escalating U.S.-Iran tensions and a rebound in oil prices led to a collective adjustment in the transportation sector, including airline stocks. China Eastern Airlines fell by 4.11%, Air China dropped by 3.20%, and China Southern Airlines declined by 2.93%.
On the evening of May 10th, Iranian sources stated that Iran had formally rejected the U.S.-proposed plan, believing that agreeing to it would mean Iran submitting to the excessive demands of U.S. President Trump.
New stock LeDong Robotics surged 127.6% on its first day of listing. LeDong Robotics, a globally leading spatial intelligent robotics company, conducted its IPO from April 30th to May 6th, 2026, and officially listed on the Hong Kong Stock Exchange on May 11th.
The global offering consisted of 33,333,400 H shares, with the final offer price set at HK$26.36 per share, raising net proceeds of approximately HK$807 million. During the IPO stage, market subscription enthusiasm was unprecedented, with the Hong Kong public offering oversubscribed by 6,707.66 times. The number of valid applications reached 296,700, making it one of the "most oversubscribed" stocks on the Hong Kong main board in 2026.
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