Huaxia STAR 50 ETF (588000) recorded daily turnover above CNY10bn for the fifth consecutive session and is trading down 5.21% intraday. The ETF has fallen over 30% in July. Top three holdings are Cambricon, Lanqi Technology and Advanced Micro‑Fabrication Equipment (AMEC).

Hong Kong shares edged higher by midday; Hang Seng Index was up 0.04% and the Hang Seng Tech Index rose 0.74%. Large-cap tech led gains: Alibaba (09988.HK) jumped about 7% after launching the Qianwen Office public beta, Baidu (09888.HK) +4%, Tencent (00700.HK) +3%, JD (09618.HK) and Meituan (03690.HK) >1%; Xiaomi (01810.HK) fell about 4%. The State Administration for Market Regulation moved to curb 'involution', while photovoltaic stocks rallied—Concord New Energy (00182.HK) spiked as much as 17% intraday and Xunce (03317.HK) rallied nearly 13% post-results, leading AI application names higher. Memory semiconductor shares extended losses; mainland brokerages and nonferrous metal stocks declined.

科創50指數跌幅擴大至4%。