On May 12, A-shares experienced a volatile and divergent opening session. The three major indices started with mixed performance: the Shanghai Composite Index and Shenzhen Component Index saw slight declines, while the ChiNext Index opened higher before fluctuating and pulling back. Computing power hardware stocks remained active, with strength in optical communications, optical modules, and optical chips. Lithium mining concept stocks and rare earth concept stocks underwent adjustments.

Hong Kong stocks rose in early trading, with both the Hang Seng Index and Hang Seng TECH Index advancing. Most technology and internet stocks rebounded, with Kuaishou-W surging over 6%. Reports indicated that Kuaishou plans to spin off its Kling AI unit for an independent listing. In the bond market, treasury bond futures fluctuated higher. In commodities, domestic commodity futures broadly gained, with Shanghai silver, Shanghai copper, and other metal futures leading the gains. Key market movements:

A-Shares: As of writing, the Shanghai Composite Index fell 0.14%, the Shenzhen Component Index fell 0.28%, and the ChiNext Index rose 0.29%.

Hong Kong Stocks: As of writing, the Hang Seng Index rose 0.58% and the Hang Seng TECH Index rose 0.34%.

Bond Market: Treasury bond futures fluctuated higher. As of writing, the 30-year main contract rose 0.05%, the 10-year main contract rose 0.01%, the 5-year main contract rose 0.01%, and the 2-year main contract was flat.

Commodities: Domestic commodity futures were broadly higher. As of writing, Shanghai silver surged over 6%, platinum rose more than 3%, while Shanghai copper, fuel oil, eggs, and Shanghai tin rose over 2%. Other gainers included lithium carbonate, asphalt, palladium, the containerized freight index, rubber, crude oil, and pulp. A few commodities like coking coal, coke, caustic soda, methanol, and polysilicon led the declines.

10:03 The property sector remained active, with Shenzhen Zhenye (Group) Co., Ltd. hitting the limit-up, Shenzhen Properties & Resources Development (Group) Ltd. rising over 8%. Other gainers included Binjiang Real Estate Group, Shenzhen Properties & Resources Development (Group) Ltd., China Merchants Shekou Industrial Zone Holdings Co., Ltd., and Tefa Information Technology Co., Ltd.

According to data from Shenzhen Centaline Property, during May 1-5, 2026, new home (pre-sale + existing) online signings totaled 275 units, a year-on-year increase of 45.5%; secondary market transactions reached 121 units, a year-on-year increase of 80.6%.

10:01 The semiconductor equipment concept extended its strength from the previous session. Kingsemi approached a 20% limit-up, hitting a new historical high. Jingsheng Company and Gui Dian Co., Ltd. rose over 10%. Other gainers included Hwatsing Technology, ZKFT, Jinhaitong, and Huafeng Test & Control.

Reports indicated that packaging and testing foundries have successively announced increased investments. However, industry sources pointed out that due to demand for advanced packaging and testing equipment exceeding expectations, a surge in orders has led to queuing in the upstream supply chain. This not only creates capacity crowding effects among clients but also extends delivery times for some equipment to over a year, forcing delays in the commissioning of new capacity at packaging and testing plants.

09:56 Optical module leader Zhongji Innolight Co.,Ltd. rose over 7% intraday, with its share price breaking through 1,000 yuan. It became the second stock in ChiNext history, following Imeik Technology Development Co., Ltd., to reach the thousand-yuan mark, and the tenth such stock in A-share history. The stock has accumulated gains of over 970% since May 12, 2025, and is up over 63% year-to-date.

09:40 The memory index fell 2%. Hensoldt fell 4.98%, Montage Technology fell 4.93%, CECport fell 4.74%, Dongxin Semiconductor fell 4.57%, and Dawei Co., Ltd. fell 4.19%.

On the news front, as TSMC's CoWoS packaging capacity remains tight, South Korean memory giant SK Hynix has turned to Intel. The two companies are collaborating on research and development around Intel's Embedded Multi-die Interconnect Bridge (EMIB) technology and have initiated supply studies for the raw materials needed for EMIB mass production.

Notably, South Korea's benchmark KOSPI index extended its decline to 5%, with LG Energy Solution falling around 8% and SK Hynix dropping over 3%.

09:36 The A-share power sector remained active. Datang International Power Generation Co., Ltd. hit its fifth consecutive limit-up, Shaoneng Group Co., Ltd. surged to a limit-up. Other gainers included Gansu Energy Chemical Co., Ltd., Huadian Liaoneng, Ganneng Co., Ltd., Jinkong Power, and Shenzhen Nanshan Power Co., Ltd.

09:26 The Shanghai Composite Index opened 0.1% higher, and the ChiNext Index opened 0.46% higher. CPO, e-commerce, photovoltaics, rare earth permanent magnets, lithium mining, energy metals, consumer electronics, and robotics concept stocks showed strength. Memory, semiconductor equipment, and vaccine themes weakened.

09:21 The Hang Seng Index opened 0.34% higher, and the Hang Seng TECH Index opened 0.45% higher. NIO, SMIC, and Trip.com Group were among the top gainers. Kuaishou-W opened nearly 10% higher on reports that Kuaishou plans to spin off its Kling AI unit for an independent listing.