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Market Overview

• HSI Performance: The Hang Seng Index (HSI) surged by 539 points, or 2.2%, closing at 25,617. The Hang Seng China Enterprises Index (HSCEI) rose by 174 points, or 1.9%, finishing at 9,121, while the Hang Seng Tech Index (HSTECH) increased by 124 points, or 2.2%, to close at 5,798.
• Market Turnover: The total market turnover for the day reached approximately $380.231 billion.

Notable Stock Movements

• Alibaba (BABA-W): Shares soared by 18.5% to close at $137.1, despite a 14% drop in adjusted EBITA for the first fiscal quarter. The company announced plans to develop a new AI chip, with a turnover of $54.9 billion.
• Hua Hong Semiconductor: The stock fell by 3.2% after initially rising 6.3%, following news of plans to acquire a 97.5% stake in Shanghai Huali Microelectronics.
• SMIC: Shares increased by 4.9% after a rally of 8.2%, driven by plans to acquire a 49% stake in Semiconductor Manufacturing North China (Beijing) Corporation, although its A-shares were suspended.
• BYD Electronic: The stock rose by 7.1% after reporting a 14% year-on-year increase in interim net profit.

Pharmaceutical Sector Highlights

• Fosun Pharma and CSPC Pharma: Both companies saw significant gains, with Fosun Pharma up 9.8% and CSPC Pharma up 9.1%.
• Innovent Bio and Wuxi Biologics: Innovent Bio surged by 8.8%, while Wuxi Biologics increased by 8.4%. Other notable gains included Wuxi AppTec and Pharmaron, which rose by 7.5% and 7%, respectively.

Commodities and Mining Stocks

• Gold and Silver Futures: New York gold futures rose to $3,500, leading to significant gains in gold mining stocks. Chinagold International spiked by 11.3%, while Zhaojin Mining and Lingbao Gold rose by 9% and 8.2%, respectively. Silver futures surpassed $40, boosting Chi Silver GP by 12.8%.
• Other Mining Stocks: MMG, CMOC, and Jiangxi Copper saw increases between 4.5% and 6.7%. Despite a 15% decline in interim net profit, China Shenhua's stock rose by 2.4%. Yankuang Energy reported a 39% drop in interim net profit but still saw a 3.6% increase in stock price.

Short Selling Insights

• Short Selling Data: Notable short selling figures included Alibaba at $6.46 billion with a ratio of 11.771%, Hua Hong Semiconductor at $894.25 million with a ratio of 14.453%, and BYD Electronic at $664.46 million with a ratio of 16.285%.

This detailed overview captures the significant movements and trends in the Hong Kong stock market, highlighting key players and their performance metrics.