Hong Kong's three major indices closed mixed on May 29. The Hang Seng Index rose 0.7% to close at 25,182.39, the Hang Seng Tech Index edged down 0.09%, and the Hang Seng China Enterprises Index gained 0.73%. Among sectors, most technology and internet stocks advanced. Lenovo Group surged over 21%, Baidu increased by more than 3%, and Bilibili rose over 2%, while Xiaomi fell more than 1%. Biotech concept stocks rebounded, with Innovent Biologics jumping over 11%. Mainland property stocks broadly gained, led by Country Garden, which climbed over 16%. The semiconductor sector experienced a pullback, with Montage Technology dropping more than 12%. Creality 3D made its debut on the Hong Kong exchange, soaring over 27% on its first trading day.

The biotech sector saw a recovery, with Innovent Biologics leading gains, up over 11%. Following its seventh business development (BD) collaboration with Eli Lilly earlier this year, Innovent announced a major new BD project with Pfizer for oncology drugs, with a total deal value reaching $10.5 billion. Notably, BD transactions in China's innovative drug sector have remained active this year. Data from the National Medical Products Administration shows that total BD deal value in Q1 alone exceeded 60 billion yuan, approaching half of the total transaction value for the entire year of 2025. Furthermore, the American Society of Clinical Oncology (ASCO) annual meeting is scheduled to take place in Chicago from May 30 to June 3, 2026.

Mainland property stocks rose broadly, with Country Garden surging over 16%. The State Council recently issued the "15th Five-Year Plan for Urban Renewal," outlining targets, key tasks, major projects, and policy measures for urban renewal during the 15th Five-Year Plan period. The plan aims to achieve significant progress in urban renewal actions by 2030, including initial success in transforming urban development and construction methods, strengthening safety foundations, improving service efficiency, enhancing living environments, accelerating the shift to new growth drivers, effectively protecting cultural heritage, highlighting distinctive urban features, and substantially improving governance. The plan sets quantifiable targets, such as renovating 500,000 sets (rooms) of old and dilapidated urban housing, transforming 4,000 urban villages, upgrading 365,000 kilometers of underground urban pipelines, renovating 50,000 existing emergency shelters, and achieving a digitalization rate of over 95% for basic urban housing information.

The semiconductor sector pulled back, with Montage Technology falling over 12%. On May 28, both DB Technology and Shanghai Simgui Technology announced that the National Integrated Circuit Industry Investment Fund (Big Fund) had reduced its shareholdings. Additionally, according to Hong Kong exchange filings, the Big Fund also slightly decreased its long position in Semiconductor Manufacturing International Corporation (SMIC). Separate reports indicated that some industry institutions have noted that after a sustained rally, trading concentration in the A-share semiconductor sector has reached historically high levels, suggesting potential short-term technical pullback or volatility risks. However, the dual drivers of strong AI demand and the pursuit of technological self-sufficiency are expected to provide the industry with sustained earnings performance, which could help absorb current high valuations.

Creality 3D debuted on the Hong Kong Stock Exchange, surging over 27% on its first trading day. The company offered 73,427,550 H shares globally at an issue price of HK$18.80 per share, raising approximately HK$1.38 billion. The Hong Kong public offering accounted for 10% of the total, with the international offering making up 90%, and an over-allotment option of 15% was granted. The listing attracted 15 cornerstone investors, who collectively subscribed to about HK$690 million worth of shares, representing roughly 50% of the total offering. These investors include Taikang Life Insurance, CPE, Greater Bay Area Homeland Investments, CITIC Private Equity, Jump Trading, and Shenzhen Guidance Fund.