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Daisy Wu

Hong Kong stocks closed on a sharp high on Wednesday, led by technology shares, as concerns over a wave of post-IPO lock-up expiries eased after newly unlocked shares were absorbed into the market without triggering a sell-off.
The benchmark Hang Seng Index finished the session up 3 per cent, while the Hang Seng Tech Index heavily outpaced the broader market, surging around 5 per cent to 4,731.
The rally was anchored by Knowledge Atlas Technology, also known as Zhipu AI, which surged 13.4 per cent despite facing its first major lock-up expiry. MiniMax, another closely watched artificial intelligence company that faces its own substantial lock-up expiry later this week, gained 12 per cent.
The broader technology rally also lifted major internet and hardware companies. E-commerce giant Alibaba closed more than 12 per cent higher, while smartphone maker Xiaomi surged 9 per cent. Baidu and JD.com gained 6.4 per cent and 4 per cent, respectively. Alibaba owns the South China Morning Post.
A release of restricted shares often increases market supply and can weigh on stock prices, raising concerns that early investors could sell their stocks to realise profits after strong post-listing gains. However, a sell-off failed to materialise, with analysts saying the additional supply was largely absorbed after cornerstone investors signalled intentions to retain their stakes in the company.
“When stocks have risen sharply after an IPO, investors naturally worry that early shareholders may take profits once lock-ups expire,” said Kenny Tang, chairman of the Hong Kong Institute of Financial Analysts and Professional Commentators. “But if large institutional investors are willing to step in and absorb the shares, it can significantly ease concerns over selling pressure.”
Jason Chan of the Bank of East Asia also said that nearly 70 per cent of cornerstone investors committing to retaining their holdings in Zhipu AI following the lock-up expiry helped support market confidence and reduce any short-term selling pressure.
“This shows investors are recognising Zhipu’s advantages in areas such as model performance and commercial prospects, which could support a relatively stronger valuation compared with some peers in the AI sector,” Chan added.
Hong Kong’s localised technology boom contrasted with a more cautious mood across the rest of Asia. On the mainland, the CSI 300 Index declined slightly 0.8 per cent to around 4,755, giving up earlier gains, as investors turned their attention to China’s June consumer and production inflation data for clues on the strength of the country’s economic recovery.
Elsewhere in Asia, Japan’s Nikkei 225 Index slipped 2.1 per cent, edging below the 67,000 level, while South Korea’s Kospi Index experienced a steeper drop, falling sharply by over 5 per cent as investors rotated capital, driven by a sharp overnight sell-off in the global semiconductor industry.


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The Hang Seng Index closed high on Wednesday as investors stood firm and held onto newly unlocked shares following post-IPO lock up expiries


The Hang Seng Index closed high on Wednesday as investors stood firm and held onto newly unlocked shares following post-IPO lock up expiries.


Hong Kong stocks rise as rallies from Alibaba, SMIC, other tech giants lift market sentiment

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The Hang Seng Index closed high on Wednesday as investors stood firm and held onto newly unlocked shares following post-IPO lock up expiries

The Hang Seng Index closed high on Wednesday as investors stood firm and held onto newly unlocked shares following post-IPO lock up expiries