Hong Kong's three major stock indices finished Thursday's session with divergent results. The Hang Seng Index climbed 0.45% to close at 24,917.60 points, while the Hang Seng Tech Index edged down 0.06%. The Hang Seng China Enterprises Index rose 0.46% to end the day.
Technology stocks showed mixed performance, with KUAISHOU-W falling over 2% and BABA-W dropping more than 1%, while XIAOMI-W advanced over 3% and LENOVO GROUP gained more than 2%. Innovative drug stocks rallied strongly, led by INNOCARE which surged over 14%. Automobile shares were notably active, with BAIC MOTOR jumping more than 17%. On the downside, memory chip stocks suffered heavy losses, with Jiangbolong tumbling over 9%.
The surge in innovative drug stocks saw INNOCARE climb more than 14%. The 2026 World Conference on Lung Cancer (WCLC), running from September 12 to 15, showcased multiple Chinese innovative drug clinical data sets, with INNOCARE's 依沃西 monotherapy overall survival data and B7H3 ADC drawing significant attention. Meanwhile, the 2026 national medical insurance drug catalog negotiations concluded, and the commercial insurance innovative drug catalog is progressing in parallel, heightening expectations for payment-side reforms. The industry logic of "overseas commercialization plus payment improvement" continues to strengthen.
Automobile stocks were active, with BAIC MOTOR rising over 17%. Guangzhou Automobile Group Co.,Ltd.'s A-shares were suspended for the full day on September 14 pending an "unannounced major matter." On the Hong Kong side, GAC GROUP opened sharply higher in morning auction trading, up 8.64% at HK$2.325 per share, before trading was briefly halted. The company responded: "The suspension occurred urgently this morning because an important announcement will be released after market close today, but we cannot disclose the details at this time." Analysts noted this is not the first such rumor. In early 2025, reports circulated that "FAW's general manager assistant would move south to GAC," but the move never materialized. The restart under policy guidance is viewed by industry observers as the beginning of a wave of consolidation among central and state-owned automobile enterprises.
Additionally, on September 11, the Ministry of Industry and Information Technology, together with nine other departments including the National Development and Reform Commission, jointly released the "15th Five-Year Plan for the Development of the Intelligent Connected New Energy Vehicle Industry." The plan, structured around a "1+4" framework, sets targets for 2030: further consolidating the advantages of the entire industry chain, entering the ranks of world automobile powers, increasing the share of new energy passenger vehicles and commercial vehicles in new car sales to 70% and 40% respectively, achieving large-scale application of vehicles with autonomous driving capabilities, and realizing high-level autonomous driving in scenarios such as highways and urban expressways.
Memory chip stocks led the decline, with Jiangbolong falling over 9%. South Korea's KOSPI index closed sharply lower, dropping 3.26% to 6,684.38 points. This marks the third consecutive session of declines for the Korean index, with concerns over a slowdown in global artificial intelligence (AI) capital expenditure serving as the core trigger for today's market selloff. Recently, calls within the industry to slow the pace of development have been growing louder. Anthropic Chief Executive Officer Dario Amodei published a lengthy blog post on Saturday urging the industry to decelerate, stating that such efforts require coordination across the industry and globally. Shortly after Amodei's post, Elon Musk commented: "Dario is right." OpenAI Chief Executive Officer Sam Altman also quickly responded, expressing agreement with Amodei's view that "we need to slow down the pace of frontier AI development."