On the first trading day of the New Year, Hengke rose over 3%, BIREN TECH surged nearly 120%, Baidu jumped 7%, and the Renminbi continued to strengthen
As of the midday break, the Hang Seng Index rose by 2.18%, with the market's half-day trading volume reaching HKD 76.869 billion. "The first GPU stock in Hong Kong," BIREN TECH, once surged over 118% during the session, narrowing its gain to 73% by the midday break. Baidu's stock price soared over 7% after the company announced the spin-off of its AI chip company Kunlun Core for a listing in Hong Kong. The offshore RMB briefly broke the 6.97 mark, reaching a new intraday high since May 2023
On the first trading day of 2026, the Hong Kong stock market had a strong start driven by technology stocks, with the Hang Seng Tech Index rising over 2.5%. "The first GPU stock in Hong Kong," BIREN TECH, saw its stock price soar on its debut, while Baidu's stock price surged after announcing the spin-off of its AI chip company Kunlun Chip for a listing in Hong Kong.
After a strong opening, the Hang Seng Index continued to rise, with an increase of 2.18% by midday, and the market's half-day trading volume reached HKD 76.869 billion. The Hang Seng Tech Index rose by 3.38%. Hong Kong chip stocks collectively strengthened, with Hua Hong Semiconductor rising by 9.89% and SMIC increasing by about 5%.
BIREN TECH, which debuted under the halo of "the first GPU stock in Hong Kong," had a remarkable first show, with its stock price at one point rising over 118%, narrowing to a 73% increase by midday.
Leading wafer foundry Hua Hong Semiconductor saw its stock price surge nearly 10% due to progress in its acquisition and expectations of industry recovery, breaking through the high point of HKD 80.35 during the rebound phase on December 8.
Baidu's stock price rose over 7%, as Wall Street Journal mentioned, with the company announcing that its AI chip unicorn "Kunlun Chip" has submitted a listing application to the Hong Kong Stock Exchange.
With BIREN's listing and Kunlun Chip's push, the domestic AI computing power sector is forming a new aggregation effect in the capital market. Boosted by optimistic market sentiment, the offshore RMB exchange rate against the US dollar continued to rise, briefly breaking the 6.97 mark and reaching a new intraday high since May 2023.
Westpac Bank strategists pointed out that as the market bets on the new Federal Reserve chairman potentially taking deeper rate cuts, the US dollar faces significant structural downside risks in January, while non-US currencies welcome a window for a rebound
