On August 24th, A-share markets opened broadly lower across the board during morning trading, with all three major indices initially declining together. The ChiNext Index dropped over 2%, while computing hardware, chip semiconductors, and other sectors fell into adjustment. Copper-clad laminates, electronic fabrics, circuit boards, optical circuit switches, and related concept stocks all declined, while new energy batteries and lithium mining gained momentum. Steel, baijiu, coal, and banking sectors remained active.

Hong Kong stocks opened lower and continued sliding, with the Hang Seng Index and Hang Seng Tech Index both widening their losses at the open. The Hang Seng Tech Index fell nearly 4%, with tech stocks selling off sharply. Alibaba plunged 10%, while Tencent, Kuaishou, NetEase, and Baidu led the declines. Chip stocks collectively moved lower, and the two major AI large-model players also dropped. In the bond market, treasury bond futures rebounded with a slight oscillation upward. In commodities, most domestic commodity futures rose, with lithium carbonate leading the gains.

Here are the core market movements:

A-shares: As of writing, the Shanghai Composite Index fell 0.30%, the Shenzhen Component Index fell 1.40%, and the ChiNext Index fell 2.18%.

Hong Kong stocks: As of writing, the Hang Seng Index fell 2.19%, and the Hang Seng Tech Index fell 3.83%.

Bond market: Treasury bond futures rose across the board. As of writing, the 30-year main contract rose 0.13%, the 10-year main contract rose 0.04%, the 5-year main contract rose 0.03%, and the 2-year main contract rose 0.01%.

Commodities: Most domestic commodity futures rose. As of writing, lithium carbonate, the container shipping index, and coke rose 3%. Shanghai gold, glass, caustic soda, Shanghai nickel, iron ore, hot-rolled coils, coking coal, rebar, Shanghai silver, alumina, pulp, Shanghai aluminum, stainless steel, Shanghai copper, platinum, and others moved higher. Manganese silicon, palladium, eggs, rubber, soybean meal, and Shanghai tin declined, while crude oil, industrial silicon, asphalt, rapeseed, polysilicon, and fuel oil fell over 1%.

09:58
The trillion-yuan optical module leader ZJ INNOLIGHT opened with a sharp drop and has since expanded its decline to 5.39%, with the stock price falling below 900 yuan to 890.08 yuan per share. Its total market capitalization stands at approximately 1.04 trillion yuan. The stock's year-to-date cumulative gain has narrowed to 47%, while its one-year gain has narrowed to around 298%. Its Hong Kong-listed shares fell over 7% simultaneously.

09:45
The ChiNext Index fell over 2%, and the Hang Seng Tech Index fell 3%.

09:38
The ChiNext Index fell over 1%.

09:32
In early trading, the power-computing collaboration concept was initially active, with GCL Energy hitting the daily limit up. Huaneng Power International, Jinko New Energy, Shaoneng Group, Baoxin Energy, and Yuneng Holdings followed with gains.

09:26
The Shanghai Composite Index opened 0.06% lower, while the ChiNext Index opened 0.13% higher. Lithium mining, industrial metals, gold, intelligent driving, and server themes were active. Biotechnology, oil and gas, and agriculture sectors led the declines, while Unitree Robotics, digital currency, and commercial aerospace concept stocks weakened.

09:25
Meituan fell over 2%, while Li Auto, Tencent Holdings, and Xiaomi fell over 1%.

09:21
The Hang Seng Index opened 0.88% lower, and the Hang Seng Tech Index fell 1.11%. Alibaba fell over 8%, with Meituan, Li Auto, and Tencent Holdings leading the declines. Luoyang Molybdenum, Zijin Mining, and Lenovo Group rose over 3%.

Alibaba fell over 8%, following its announcement of the first placement of new shares since its Hong Kong listing, raising HK$80 billion, all of which will be used for AI infrastructure.

On the news front, the e-commerce giant pivoting toward the AI track placed 710 million new shares at HK$112.70 per share, representing a 3.6% discount to Alibaba's US ADR closing price last Friday and an 8.4% discount to its Hong Kong closing price.

According to compiled data, this is the largest listed company rights issue in Hong Kong's history and the largest stock sale in Hong Kong since technology investment firm Prosus NV sold US$14.7 billion worth of Tencent Holdings shares in 2021.

Investor Michael Burry, widely known for the film "The Big Short," said he "cannot endorse" Alibaba's latest placement. "This is another new paradigm for Alibaba, and its return on invested capital (ROIC) will continue to decline," he wrote in a social media post on Sunday.