Hong Kong Stocks Mixed as Semiconductors Surge and Gold Retreats

Hong Kong’s equity market closed mixed on May 20, with the Hang Seng Index down 0.57% to 25,651.22, the Tech Index up 0.34%, and the China Enterprises Index down 0.4%. Tech and internet stocks were mostly weaker, with Bilibili falling over 4% and Kuaishou down more than 2%, while Lenovo gained more than 3%.

Semiconductors were the standout, with GigaDevice soaring over 17% and Hua Hong Semiconductor climbing more than 13%. The rally was fueled by optimism around domestic storage leaders CXMT and YMTC, both advancing IPO plans. CXMT’s review status has moved to “inquired,” while YMTC has begun IPO counseling. CXMT reported extraordinary Q1 results, with revenue up 719% year‑on‑year to RMB 50.8 billion and net profit up 1688% to RMB 24.8 billion, driven by tight global DRAM supply and rising prices. The company expects H1 net profit to reach RMB 50–57 billion. Analysts at Changjiang Securities see continued growth in global wafer fab equipment spending through 2027, with domestic firms steadily gaining share in etching, deposition, and cleaning equipment.

Gold stocks slumped, with Tibet Summit Gold down more than 9%, as global bond markets sold off and U.S. Treasury yields hit extreme levels. The 30‑year yield reached 5.198%, the highest in nearly two decades, strengthening the dollar and pressuring gold prices.

Two IPOs debuted in Hong Kong. Top Precision CNC surged nearly 80% after pricing at HKD 26.39 per share, raising HKD 1.724 billion. The public offering was oversubscribed more than 3700 times, setting a strong precedent for demand in industrial tech listings. Uisee Technology fell over 4% after pricing at HKD 59.8 per share and raising HKD 865 million, with CITIC Securities as sole sponsor.

Overall, the session highlighted divergent sector trends: semiconductors surged on strong fundamentals and IPO momentum, gold weakened under macro pressures, and new listings showed contrasting fortunes.