Hong Kong Stocks Close Lower on April 17; Hang Seng Index Falls 0.89%, New Stock Surges 144%

Gate News message, April 17 — Hong Kong stocks closed lower today, with the Hang Seng Index falling 0.89% or 233.93 points to 26,160.33, the Hang Seng Enterprises Index declining 0.67% to 8,845.02, and the Hang Seng Tech Index dropping 0.97% to 5,042.68. Total trading volume reached HKD 238.042 billion. For the week, the Hang Seng Index rose 1.03%, the Enterprises Index gained 2.2%, and the Tech Index climbed 3.75%.

Among blue-chip stocks, Alibaba-W (09988) bucked the trend with a 0.44% gain to HKD 136.4, contributing 9.16 points to the Hang Seng Index. Alibaba recently intensified AI product launches, including the release of its world model Happy Oyster, expanding its AI portfolio into content generation for gaming and film. The company also adjusted Alibaba Cloud pricing three times in a month due to surging token consumption. New Oriental-S (09901) rose 3.02% to HKD 46.32, while Lenovo Group (00992) gained 1.8% to HKD 11.3; however, China Pharma Holdings (01093) fell 4.17% to HKD 8.96.

Optical module and PCB concepts reversed the broader decline. Cambridge Technology (06166) surged 34.87% to HKD 122.8, buoyed by strong first-quarter earnings from Accelink (released Thursday showing revenue nearly doubling and net profit rising 262%). Goldman Sachs raised Accelink’s target price from 791 yuan to 1,187 yuan, citing expanding bandwidth demand from evolving data center architectures. Meanwhile, gold stocks retreated amid Middle East tensions: Lebanese-Israeli ceasefire negotiations and Fed officials citing inflation pressures from geopolitical risks weighed on sentiment. Storage concept stocks declined as Yangtze Memory announced plans for “epic-scale” capacity expansion, building two additional fabs this year to more than double total output.

Two newly listed stocks surged on debut: Qun Core Technology (00068), the first of “Hangzhou’s six dragons,” jumped 144.09% to HKD 18.6 after receiving 1,590.56x subscription in its public offering phase, while ChangGuang Chip (03277) gained 75.53% to HKD 70. Qun Core, an AI-powered spatial intelligence firm, saw its stock rise nearly 190% intraday. Separately, Mafort (02556) climbed 10.81% to HKD 44.88 as Q1 AI application revenue surged 110.5% year-over-year, and Tian Yue Advanced (02631) rose 8.79% to HKD 63.1 following TSMC’s confirmation of advanced packaging capacity constraints.