Hong Kong Stocks Close Higher; ZhiPu Surges Over 14%, WuXi Bio Up Over 10%

At the close on August 7, Hong Kong stocks posted broad gains. The Hang Seng Index rose 0.54%, the Hang Seng Tech Index advanced 0.78%, and the Hang Seng China Enterprises Index gained 0.39%. On the day, 1,285 stocks advanced, 1,026 declined, and 972 were flat. For the week, the Hang Seng Index fell 0.84% to close at 25,668.03 points, the Hang Seng Tech Index rose 0.6% to 4,858.29 points, and the Hang Seng China Enterprises Index dropped 0.94% to 8,531.58 points. // By sector, innovative drugs, biopharmaceuticals, semiconductors, non-ferrous metals, and oil & petrochemicals led the gains, while baijiu, dairy, banks, and property lagged. Biopharmaceutical stocks were strong: GenScript Biotech rose 16.18%, WuXi Biologics gained 10.83%, WuXi AppTec added 7.01%, and BeiGene advanced 5.26%. Pharmaceutical stocks also climbed, with Pharmaron up 12.07%, Insilico Medicine up 10.88%, and Asymchem up 8.89%. In semiconductors, GigaDevice rose 6.8%, Tianshu Zhixin gained 6.31%, SG Micro added 6.22%, and Innoscience advanced 5.1%. Gold stocks broadly rose, with Tongguan Gold up 6.74%, Lingbao Gold up 6.55%, and China Gold International up 3.99%. // Large-model concept stocks were active, with ZhiPu up 14.63% and MINIMAX up 9.83%. MINIMAX has surged over 40% for the week; it was added to the Stock Connect on August 6, when it rose more than 20%, with southbound net inflows of nearly HK$2.7 billion. In PCB concept stocks, Shengyi Technology rose 10.91%, KB Laminates gained 9.91%, and Xinqi Micro added 8.04%. Airline stocks came under pressure, with China Eastern Airlines down 3.31%, China Southern Airlines down 3.11%, and Air China down 3.09%. Most property stocks fell, with Rongxin China down 5.56%, C&D International down 2.41%, and Seazen Development down 1.79%. // DeepSeek announced plans to raise API service prices across the board in the near future, with specific adjustment details to be announced later. Innoscience launched a 700V integrated half-bridge GaN product for 220V home appliance inverter equipment. Hengrui Medicine's anti-HER2 product for colorectal cancer received approval for marketing. Insilico Medicine's Parkinson's disease drug ISM8969/HT-001 obtained a clinical trial approval from the National Medical Products Administration. Haiguang Xin is working with an independent third-party upstream core chip supplier on procurement arrangements for 2027, with cumulative confirmed orders of about 10 million DSP chips. // The Bank of Korea resumed its gold purchase program for the first time in more than 13 years and is also building positions in gold ETFs. Iran and Oman plan to sign a new navigation agreement for the Strait of Hormuz, with Iran seeking to keep control of the strait. In the property sector, by the end of July, more than 70 A-share listed property developers had issued earnings preannouncements, of which 55 reported losses, with combined losses ranging from RMB 38.4 billion to RMB 50.2 billion. Last week, commercial housing transactions in 30 major cities fell 17.7% year on year. On the day, southbound Stock Connect flows recorded a net outflow of HK$778 million.