Hong Kong stocks opened lower on Wednesday, with Baidu (9888) and other tech majors dragging.
The benchmark Hang Seng Index fell 124 points, or 0.49 percent, to 25,346 points.
Tech gauge dropped 1.27 percent to 4,678 points.
Xiaomi (1810) rose 2.98 percent as the best-performing blue chip. While Hong Kong and China Gas Company (0003) increased 2.87 percent after announcing its net profit rose 23 percent year on year to HK$3.64 billion in the first half of 2026 yesterday. JD.com (9618) and NetEase (9999) rose less than 1 percent.
Most tech heavyweights fell at market open, with Baidu dropping 12.41 percent after a significant net profit loss was announced yesterday, which saw its net profit for the first half of the year sinking from 15.07 billion yuan (HK$17.53 billion) in the same period last year to 5.5 billion yuan.
Alibaba (9988) and Tencent (0700) dropped 1.66 percent and 0.95 percent, respectively. Lenovo (0992) fell 2.36 percent, and Kuaishou (1024) fell 1.37 percent before its first-half earnings are released today. Chipmaker SMIC (0981) dropped 3.1 percent.
Telecommunications company China Unicom (0762) also saw its shares plummet by 7.74 percent following yesterday's earnings announcement.
In the mining sector, CMOC (3993), which will announce its first-half earnings result today, saw its shares fall 4.15 percent. Zijin Mining (2899) also fell 2.93 percent. Laopu Gold (6181) extended its loss from yesterday, declining 2.1 percent.
Meanwhile, Hong Kong Exchanges and Clearing opened flat before its earnings announcement today.
