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Hong Kong Stocks Close Slightly Higher on Tuesday as Tech Shares Slip; GoFintech Plummets 15%

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Hong Kong stocks closed slightly higher Tuesday as rising oil prices and higher bond yields kept investors cautious, weighing on technology shares despite renewed optimism over artificial intelligence spending.

The Hang Seng Index gained 17.92 points, or 0.1%, to close at 25,471.15, while the Hang Seng China Enterprises Index rose 13.23 points, or 0.2%, to 8,453.20. The Hang Seng TECH Index fell 0.9%.

Markets turned cautious after the U.S.-Iran deal expired, sending oil prices higher for a third day and pushing U.S. Treasury yields to multi-year highs. Renewed tensions in the Middle East also kept investors focused on the potential impact on inflation and interest rates.

In corporate developments, Alibaba (HKG:9988) rose more than 4% after its ATH unit launched a trial version of HappyShrimp 1.0, an AI tool that creates music from simple prompts.

GoFintech Quantum Innovation (HKG:0290) fell 15% after terminating a planned top-up share subscription, citing market conditions and capital planning.

What else is happening in Asia?

Asia

Wasco Greenergy Appoints Group MD as CEO Opts for Early Retirement

Wasco Greenergy (KLSE:GENERGY) said its chief executive officer, Lee Yee Chong, opted for early retirement from the role, effective Dec. 31, according to a Monday filing with Bursa Malaysia.Shares slid over 2% in Tuesday's late morning trade.Lee joined the group in 1995 and has held several key leadership positions within Wasco over the years.The company appointed Wong Yin Kee as group managing director, effective Aug. 17, to facilitate the transition of authority and responsibilities.

KLSE:GENERGY
Asia

Yuntianhua's H1 Profit Rises 6%, Revenue Drops 9%; Shares Up 3%

Yunnan Yuntianhua's (SHA:600096) net profit attributable to shareholders for the first half rose 6.1% to 2.93 billion yuan from 2.76 billion yuan a year earlier, according to a Tuesday disclosure on the Shanghai bourse.Earnings per share increased year on year to 1.61 yuan from 1.52 yuan.Operating revenue fell 8.9% to 22.8 billion yuan from 25.1 billion yuan in the previous year.The board of directors proposed a cash dividend of 2 yuan for every 10 shares.The high-quality diammonium phosphate supplier's shares rose nearly 3% during the morning trade.

SHA:600096
Asia

Market Chatter: CJ Group Sets KRW12 Trillion Revenue Target for North America by 2028

CJ Group expects its total revenue from North America to expand to 12 trillion won by 2028, driven by rising demand for Korean food, entertainment, and beauty products, The Korean Times reported Monday.The South Korean group, led by holding company CJ (KRX:001040), unveiled its target following a strategy meeting with the group chairman in Los Angeles last week.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

KRX:001040