12th August 2026 - (Hong Kong) Hong Kong equities opened on the back foot on Wednesday, with the Hang Seng Index down 154 points at 25,498 as investors weighed overnight Wall Street losses and a clutch of China-internet earnings headlines.
Turnover in the early minutes was about HK$2.17 billion. The Hang Seng Tech Index slipped 0.8 per cent to 4,785. Tencent Holdings (00700) eased more than 1 per cent ahead of its results, while Tencent Music Entertainment (01698) plunged more than 11 per cent after its numbers -- even though second-quarter adjusted net profit rose 4.4 per cent and music-related service revenue grew 11 per cent. AI name MiniMax (00100) bucked the tape with a 3 per cent gain.
Night futures had already pointed lower, closing down 95 points at 25,533, and Hang Seng Index black futures were off 92 points at 25,556 just before the cash open. The Nasdaq Golden Dragon China Index fell 2.9 per cent overnight to 6,532. Tencent Music's US ADR implied a Hong Kong price about 11.3 per cent below the previous local close, at roughly HK$34.21.
Other popular China ADRs were softer to mixed: JD.com translated about 1.0 per cent below its Hong Kong close, Meituan about 0.87 per cent lower, Alibaba about 0.79 per cent softer and Tencent's ADR about 0.80 per cent down, while HSBC 's ADR was a shade firmer. In New York the Dow Jones Industrial Average dropped 184 points to 53,791, the S&P 500 lost 0.3 per cent to 7,728 and the Nasdaq Composite fell 0.6 per cent to 26,445.
In the first minutes after the open, WH Group (00288) was among the sharper cash losers, down about 5 per cent and touching HK$7.685. The open still leaves Hong Kong focused on whether Tencent's own print can stabilise the heavyweight internet complex after Tencent Music's post-results slide, and whether MiniMax's counter-trend bounce can broaden into other AI listings.
For local portfolios the mix is classic midsummer: a soft US lead, ADR discounts on China names, and idiosyncratic movers around earnings rather than a single domestic macro catalyst. How quickly the Hang Seng can reclaim the 25,600 area -- or whether it tests support nearer the night-futures close -- will set the tone for the rest of the Wednesday tape.

Sumber : Dimsumdaily.hk