[ET Net News Agency, 24 June 2026] US stocks fell overnight, particularly with the semiconductor index undergoing a severe correction. However, Hong Kong stocks were unaffected by the external environment. Some chip stocks rose, driven by TSMC's price hikes, and biotechnology stocks were sought after. Yet, Mainland China banking, Mainland China insurance, and consumption sectors faced selling pressure, making it uncertain whether Hong Kong stocks can emerge from the shadow of successive declines. The HSI reversed into a loss earlier this morning, hitting a fresh one-year low of 23,248 points, before rebounding slightly to close up 8 points or less than 0.1% at half-day, at 23,344. Main board turnover neared 175.6 billion HKD. The Hang Seng China Enterprises Index stood at 7,749, down 9 points or 0.1%. The Hang Seng Tech Index stood at 4,458, up 58 points or 1.3%.
"Ryan Chan: Support at 23,200 but prolonged defence bound to fail"
Micron triggered a mini global AI stock crash ahead of its results, with a host of software and hardware facing the test of excessively high valuations. Overnight, Micron, at the epicentre of the storm, plummeted 13%, dragging down chip and tech stocks collectively. This morning, Asian stock markets saw short-term technical rebounds but quickly turned from gains to losses. Hong Kong stocks bounced over a hundred points at the opening before immediately facing selling pressure, but slight support was seen at the low of 23,200, gaining a marginal 8 points at half-day. Ryan Chan, an executive director of Eddid Financial, told ET Net News Agency that although Hong Kong stocks have dropped continuously recently, initial support has appeared at 23,200, which is expected to hold in the short term. However, as Hong Kong stocks are ultimately dominated by software and technology stocks, the outlook remains pessimistic before tech stocks bottom out. Under the premise that a prolonged defence is bound to fail, there is a high chance the HSI will further test the next major support level at 21,800.
Although the decline in Hong Kong stocks is discouraging, Chan emphasized that after the prophecies of "poor May and bleak June" have been fulfilled this year, letting alone a "July turnaround", a "July stabilization" would already be very good. At least after days of consecutive declines, Hong Kong stocks are severely oversold. The HSI's 14-day RSI dropping to the 20s is rare, and factoring in the lowered valuations, it is expected that support will always emerge at low levels to sustain Hong Kong stocks.
"Do not chase Chinese chip stocks at high prices, Lenovo should be bargain-hunted on strong demand"
The results of storage giant Micron should not be underestimated; its influence ranges far and wide, from the micro memory chip industry to the macro global technology prospects. Although Chinese chip stocks listed in Hong Kong cannot match Micron's scale, domestic demand alone is enough to support the robust growth of chips, PCB, and optical communication stocks. Chan believes that after a round of tracking gains, the valuations of Chinese chip stocks have developed a relatively high premium compared to their business scales, and chasing in at current prices carries higher risks.
Comparatively, Chan believes that other AI hardware concept stocks outside of Chinese chip stocks possess higher positioning value, and their projected earnings growth can sustain higher premium valuations. If one intends to position during the correction, it is preferable to eye specific hardware stocks. Among them, his top pick is Lenovo (00992). Although its share price has accumulated a gain of about 1.5 times over nearly three months since April, he believes that with a target of HKD 40, the current price is not excessively expensive. Instead, one should position on dips, and the current price of HKD 22 to 23 is just the right time. He added that although the share price has not yet filled the upward gap between HKD 9.8 and 22, "gaps do not necessarily have to be filled." Given the surging volume of Lenovo's orders, the current price has not fully reflected earnings expectations.
"Ryan Chan: Support at 23,200 but prolonged defence bound to fail"
Micron triggered a mini global AI stock crash ahead of its results, with a host of software and hardware facing the test of excessively high valuations. Overnight, Micron, at the epicentre of the storm, plummeted 13%, dragging down chip and tech stocks collectively. This morning, Asian stock markets saw short-term technical rebounds but quickly turned from gains to losses. Hong Kong stocks bounced over a hundred points at the opening before immediately facing selling pressure, but slight support was seen at the low of 23,200, gaining a marginal 8 points at half-day. Ryan Chan, an executive director of Eddid Financial, told ET Net News Agency that although Hong Kong stocks have dropped continuously recently, initial support has appeared at 23,200, which is expected to hold in the short term. However, as Hong Kong stocks are ultimately dominated by software and technology stocks, the outlook remains pessimistic before tech stocks bottom out. Under the premise that a prolonged defence is bound to fail, there is a high chance the HSI will further test the next major support level at 21,800.
Although the decline in Hong Kong stocks is discouraging, Chan emphasized that after the prophecies of "poor May and bleak June" have been fulfilled this year, letting alone a "July turnaround", a "July stabilization" would already be very good. At least after days of consecutive declines, Hong Kong stocks are severely oversold. The HSI's 14-day RSI dropping to the 20s is rare, and factoring in the lowered valuations, it is expected that support will always emerge at low levels to sustain Hong Kong stocks.
"Do not chase Chinese chip stocks at high prices, Lenovo should be bargain-hunted on strong demand"
The results of storage giant Micron should not be underestimated; its influence ranges far and wide, from the micro memory chip industry to the macro global technology prospects. Although Chinese chip stocks listed in Hong Kong cannot match Micron's scale, domestic demand alone is enough to support the robust growth of chips, PCB, and optical communication stocks. Chan believes that after a round of tracking gains, the valuations of Chinese chip stocks have developed a relatively high premium compared to their business scales, and chasing in at current prices carries higher risks.
Comparatively, Chan believes that other AI hardware concept stocks outside of Chinese chip stocks possess higher positioning value, and their projected earnings growth can sustain higher premium valuations. If one intends to position during the correction, it is preferable to eye specific hardware stocks. Among them, his top pick is Lenovo (00992). Although its share price has accumulated a gain of about 1.5 times over nearly three months since April, he believes that with a target of HKD 40, the current price is not excessively expensive. Instead, one should position on dips, and the current price of HKD 22 to 23 is just the right time. He added that although the share price has not yet filled the upward gap between HKD 9.8 and 22, "gaps do not necessarily have to be filled." Given the surging volume of Lenovo's orders, the current price has not fully reflected earnings expectations.
