HONG KONG (ECONOMY TODAY NEWS) - Oil prices surged after U.S. President Trump recently rejected Iran's proposal to reopen the Strait of Hormuz. Coupled with the rise of the U.S. 10-year Treasury yield by 7 basis points to 5.23%, reaching a nearly twenty-year high, overnight pressure weighed on all three major U.S. indices. However, Hong Kong stocks remained stable. The Hang Seng Index opened at 24,648, up 6 points or less than 1%, with main board turnover of HK$2.484 billion. The Hang Seng China Enterprises Index stood at 8,227, up 10 points or 0.1%. The Hang Seng Tech Index was at 4,286, down 9 points or 0.2%.

    SHEIN (00625)'s first half-year report shows net revenue increased only slightly by 1%, while operating profit declined over 50% year-on-year. SHEIN opened steady, up less than 0.1%, at HK$35.30.

    GAC Group (02238) plans to issue new A-shares to acquire 50% equity of FAW Toyota, with the consideration still undetermined. Its A-shares resumed trading this morning, and GAC Group rose 1.8%, at HK$2.58.  

    Biotech stocks led the blue-chips higher, with JD Health (06618) opening up 2.4% at HK$36.40, and Innovent Biologics (01801) opening up 1.8% at HK$97.90.

    Four new IPOs today, including Zhangcheng New Materials (09607), Benmotech (06731), Kinwong Electronic (03228), and RoboTechnic (03757), all debuted simultaneously. Only Benmotech (06731) opened 4% above its listing price of HK$21.60, at HK$22.48. (vs)