On September 4th, Hong Kong's Hang Seng Index fell 1.12%, the Hang Seng Tech Index dropped 1.85%, the Hang Seng China Enterprises Index declined 1.25%, and the Hang Seng Red Chip Index decreased 0.7%. Market turnover reached HK$302.233 billion. Southbound capital recorded a modest net inflow of HK$706 million.

Non-ferrous metals and pharmaceutical stocks declined broadly, with WuXi AppTec falling over 7%. Semiconductor and robotics concepts dropped collectively, with SMIC and Horizon Robotics falling over 6%. Banking stocks moved against the trend with Agricultural Bank of China rising over 2%.

Among Hang Seng Index constituents, 27 stocks rose while 56 declined. China ZhengTong Auto fell 8.85%, WuXi AppTec dropped 7.31%, and SMIC declined 6.67%, leading blue-chip declines.

Baidu Group rose 2.13%, Xinyi Solar gained 2.07%, and Ali Health advanced 1.56%, leading blue-chip gains.

Within the Hang Seng Tech Index constituents, 9 stocks rose while 21 declined. Horizon Robotics fell 6.65%, NIO dropped 6.42%, SenseTime declined 6.34%, and Hua Hong Semiconductor fell 5.42%. On the upside, Tencent Music rose 1.11%, Meituan gained 0.90%, and JD Health advanced 0.86%.

In terms of trading value, Alibaba recorded HK$19.357 billion in turnover while falling 3.21%; Tencent Holdings had HK$10.709 billion turnover while declining 1.00%; SMIC recorded HK$10.687 billion turnover with a 6.67% drop; BYD Company had HK$6.755 billion turnover while falling 3.24%; and Meituan recorded HK$6.381 billion turnover with a 0.90% gain.

Among Hong Kong's Hang Seng sector indices, the Utilities Index rose slightly by 0.04%, while the Materials Industry Index fell 4.2%, Healthcare Industry Index dropped 3.76%, Information Technology Industry Index declined 1.85%, Consumer Discretionary Industry Index fell 1.75%, and Energy Industry Index decreased 0.99%.

From a sector perspective, most Wind concept sectors declined, with the Auto Dealers Index falling 8.14%, Industry 4.0 Index dropping 6.92%, and Foxconn Index declining 6.62%. On the upside, the Air Treatment Index rose 3.72%, Cultural Media Index gained 1.35%, and Solar Energy Index advanced 1.08%.

**HKEX: First 8 Months IPO Fundraising Surges 579%**

After market close on September 4th, HKEX released its monthly market overview. In the first eight months of 2025, Hong Kong's Initial Public Offering (IPO) fundraising reached HK$134.5 billion, up 579% from HK$19.8 billion in the same period last year. Total fundraising in Hong Kong's securities market reached HK$368.8 billion, up 322% from HK$87.3 billion in the corresponding period last year.

HKEX data shows that the total market capitalization of Hong Kong's securities market was HK$46.6 trillion at the end of August, up 47% year-on-year. The average daily turnover in August was HK$279.1 billion, up 192% from HK$95.5 billion in the same period last year.

According to HKEX data, in the first eight months of 2025, Hong Kong's securities market average daily turnover was HK$248.3 billion, up 132% from HK$106.8 billion in the same period last year. Exchange Traded Funds average daily turnover was HK$33.7 billion, up 183% from HK$11.9 billion in the same period last year.

In derivatives markets, HKEX data shows that in the first eight months of 2025, futures and options average daily volume was 1,660,900 contracts, up 13% year-on-year. Stock options average daily volume was 863,627 contracts, up 29% year-on-year. Stock futures average daily volume was 8,550 contracts, up 10% year-on-year. RMB currency futures average daily volume was 112,121 contracts, up 30% year-on-year.

HKEX also noted that on August 12, 2025, RMB currency futures - USD/CNH (Hong Kong) futures trading volume reached a record high of 372,095 contracts. On August 29, 2025, weekly stock options trading volume hit a record high of 237,061 contracts.

**Sun Hung Kai Properties Total Revenue Grows 8.8% Year-on-Year**

On September 4th, Hong Kong property leader Sun Hung Kai Properties released its full-year results for fiscal 2024/25. During the reporting period, the company achieved total operating revenue of HK$72.702 billion, up 8.8% year-on-year. Pre-tax profit was HK$22.573 billion, up 4.96% year-on-year, with net profit of HK$17.58 billion, up 1.21% year-on-year. A final dividend of HK$2.8 per share for the year ended June 30, 2025, will be paid on November 20, 2025.

The earnings report shows that as of June 30th, Sun Hung Kai Properties' total revenue was HK$90.119 billion, up 8% year-on-year. Property development revenue grew 26% to HK$34.556 billion, serving as the main growth driver. Property development profit increased 6% to HK$8.29 billion, primarily from mainland residential project sales profit growing 281% to HK$5.09 billion, with significant contribution from Phase III of Riverside Kaitak.

The company's rental income overall decreased 2% to HK$24.461 billion. Mainland investment property rental income fell 2% to HK$6.173 billion, with net rental income down 3% to HK$4.864 billion, mainly due to declining turnover rent. Hong Kong office rental income decreased 1% to HK$1.743 billion due to lower renewal rents, though this was partially offset by contributions from ITC Phase III Tower A. Hotel business revenue remained stable, with operating profit down 5% to HK$615 million due to dining sales affected by changing consumer patterns, though room revenue improved from tourist recovery.

Sun Hung Kai Properties' subsidiary SUNeVision recorded revenue growth of 10% to HK$2.938 billion, with operating profit rising 18% to HK$1.489 billion, mainly due to new data center customer occupancy and higher renewal rents.