Hong Kong stocks closed lower, with the Hang Seng Index ending its two-day winning streak. Telecommunications stocks led the gains, while technology stocks were weak. BIDU-SW fell more than 4%.

Semiconductor, photovoltaic, and telecommunications sectors led the gains, while online education, gold, aviation, and CRO weakened.

On June 29th, the Hong Kong stock market opened with mixed gains and losses. After the opening, all three major indexes experienced a downward trend. The Hang Seng Tech Index fell by 2% at one point, and the Hang Seng Index ended the day with a 1.24% decline, marking its second consecutive drop. The state-owned enterprise index also fell by 1.45%, while the Hang Seng Tech Index closed with a 1.71% decline.

Most large technology stocks experienced a decline, with Baidu falling by over 4%, JD.com and Bilibili falling by over 3%, Kuaishou and Alibaba falling by 2.6%, Meituan falling by nearly 2%, and Tencent falling by nearly 1%.

In terms of sectors, semiconductors, photovoltaics, and telecommunications performed well, while online education, gold, aviation, and CRO weakened.

Strong Performance in the Semiconductor Sector

Mingfa Group rose by over 10%, ZTE Corporation rose by 7.53%, and Hua Hong Semiconductor remained active throughout the day.

In terms of news, Hua Hong Semiconductor announced after the market closed on Wednesday that the company's IPO on the Science and Technology Innovation Board has received strategic investment from the National Integrated Circuit Industry Fund II (Phase II), with a total subscription amount not exceeding 3 billion yuan.

Continued Strength in the Power Sector

The power sector continued to rise for the second consecutive day, with China Resources Power slightly up by 0.69%.

Photovoltaics led the gains, with Xinyi Energy rising by over 5%, and BJ Energy International rising by over 3%. Xinyi Solar and Flat Glass also performed well.

Wind power rose overall, with mixed gains and losses internally.