**Key Highlights**: XIAOMI-W drops over 8% with trading value exceeding HK$20 billion

On September 26, Hong Kong's three major indices all declined. The Hang Seng Index closed down 1.35% at 26,128.20 points; the Hang Seng Tech Index fell 2.89%, and the Hang Seng China Enterprises Index dropped 1.49%. The total market turnover reached HK$323.7 billion, with southbound capital recording net inflows of HK$10.54 billion.

On the sector front, hardware equipment, semiconductors, media, pharmaceuticals, and software services led the declines. Horizon Robotics-W closed down 8.49%, XIAOMI-W fell 8.07%, and SMIC dropped 5.01%. XPeng Motors-W and Huahong Semiconductor bucked the trend with gains.

**XIAOMI-W Tumbles on Heavy Volume**

On September 26, XIAOMI-W closed down 8.07% with trading value reaching HK$23.347 billion. As of September 26, XIAOMI-W's year-to-date cumulative gain stands at 58.41%.

On the news front, September 26, Xiaomi's legal department announced progress on rights protection work via social media, stating that since 2025, Xiaomi's legal team has completed legal assessments of 16,465 public opinion leads, monitored 231 key online accounts, and filed civil lawsuits against 92 malicious infringement accounts, pursuing legal responsibility for relevant infringers. Currently, some cases have entered court proceedings, with case progress to be announced in due course. The department also noted instances of Xiaomi car owners facing unwarranted online attacks. Xiaomi's legal team has assisted some car owners in rights protection, initiating 35 car owner rights protection lawsuits to date, and will continue to focus on such online infringement behaviors.

**Horizon Robotics Plunges**

On the morning of September 26, Horizon Robotics announced that the company plans to place shares at HK$9.99 per share (approximately 5.75% discount), raising net proceeds of approximately HK$6.339 billion. The placement shares represent approximately 4.6% of the company's existing issued share capital and approximately 1.9% of the voting rights of the company's issued share capital at the general meeting.

On September 26, Horizon Robotics opened down over 5% and closed down 8.49% at HK$9.70 per share.

**Huahong Semiconductor Rises Against the Market**

On September 26, Huahong Semiconductor closed up 3.02%, with intraday gains approaching 9%. Year-to-date, the stock has accumulated gains of 215.24%. The current share price has broken through the 52-week high of HK$68, reaching a new high in nearly a year.

Recently, the semiconductor sector has continued to strengthen. Research reports indicate that as domestic GPU company Muxi's IPO process accelerates, related supply chain companies are expected to benefit, suggesting attention to foundry segment companies such as Huahong Semiconductor.