On May 29, Chinese A-shares experienced a volatile pullback. The three major indices opened collectively higher at the start of trading but subsequently began to decline. Cultured diamonds and superhard materials continued their strong performance, while sectors like power and coal saw renewed gains. The semiconductor supply chain, including silicon wafers and the wafer industry, underwent adjustments. Sectors such as photovoltaics and rare earths declined.

Hong Kong stocks collectively rose, with both the Hang Seng Index and the Hang Seng Tech Index advancing. The Hang Seng Tech Index initially gained over 1% at the market open. Technology and internet stocks showed mixed performance. Lenovo Group surged nearly 20%, having spiked over 30% at one point in early trading to reach a high of HKD 25.7, nearly doubling from its closing price of HKD 13.15 on May 21.

In the bond market, treasury futures collectively declined. In commodities, most domestic commodity futures varieties rose. Key market movements:

A-shares: At the time of writing, the Shanghai Composite Index was up 0.26%, the Shenzhen Component Index up 0.67%, and the ChiNext Index up 0.60%.

Hong Kong Stocks: At the time of writing, the Hang Seng Index was up 0.69% and the Hang Seng Tech Index was up 0.95%.

Bond Market: Treasury futures were down across the board. At the time of writing, the 30-year main contract fell 0.14%, the 10-year main contract fell 0.03%, the 5-year main contract fell 0.03%, and the 2-year main contract fell 0.01%.

Commodities: Domestic commodity futures mostly rose. At the time of writing, Shanghai silver gained nearly 3%. Lithium carbonate, Shanghai tin, Shanghai gold, platinum, rubber, and glass rose over 1%. Alumina, Shanghai copper, soybean meal, polysilicon, eggs, iron ore, Shanghai aluminum, Shanghai nickel, hot-rolled coil, rebar, coke, asphalt, palladium, ferromanganese silicon, industrial silicon, and coking coal all advanced. Fuel oil, stainless steel, rapeseed, caustic soda, pulp, and the containerized freight index declined, with crude oil falling over 1%.

09:51 Lenovo Group surged over 20%, and Lenovo Holdings gained 15%.

On the news front, Dell Technologies, also associated with the AI PC concept, saw its shares surge nearly 40% in after-hours trading following its earnings report, which significantly exceeded analyst expectations by a wide margin. Concurrently, HP Inc.'s latest earnings report, released on May 27, was also strong, with both revenue and net profit for the last quarter surpassing market expectations, benefiting from sustained robust demand for AI PCs.

09:49 Real estate stocks surged, with China Vanke A-share hitting the daily limit-up. Sunshine Co., Ltd. secured its second limit-up in three days, while Everbright Jiabao also hit the limit-up. Financial Street, Cinda Real Estate, Rongan Property, Chengdu Hi-Tech Investment Group, and Top Service followed with gains.

The news catalyst was the State Council's recent issuance of the "15th Five-Year Plan for Urban Renewal," which mentioned that by 2030, significant progress will be made in urban renewal actions, and the transformation of urban development and construction methods will show initial results.

09:40 Innovent Biologics' Hong Kong shares rose over 10% at one point, marking their largest intraday gain in nearly a year. This followed the company's announcement of a global agreement with Pfizer worth up to $10.5 billion for the development of anti-cancer drugs.

09:26 The Shanghai Composite Index opened 0.29% higher, and the ChiNext Index opened up 0.41%. Superhard materials, gold, high-speed copper connections, consumer electronics, memory, and server concept stocks were active. Cross-strait integration, rare earths, industrial gases, baijiu (white spirits), and coal sectors weakened.

09:21 The Hang Seng Index opened 0.62% higher, and the Hang Seng Tech Index opened up 1.05%. Lenovo Group jumped nearly 15%, Innovent Biologics gained nearly 7%, with BYD Company, Baidu Group, and Tencent Music among the top gainers.