The Hong Kong stock market experienced narrow-range adjustments on July 13th, with banking and oil stocks gaining strength while most technology shares declined. The Hang Seng Index closed up 0.16% at 24,213.72 points, while the Hang Seng Tech Index fell by 0.96% to 4,676.43 points. The Hang Seng China Enterprises Index rose 0.33% to 8,065.97 points. The day's total market turnover was HK$309.515 billion, down from the previous session's HK$339.592 billion. Southbound capital recorded a net purchase of HK$9.038 billion.

Among the Hang Seng Index constituents, 52 stocks advanced and 37 declined. Top gainers included China Hongqiao Group Ltd, which rose 3.57% after forecasting a 39% year-on-year increase in net profit for the first half of 2026, primarily due to higher sales prices for its aluminum alloy products. Longfor Group Holdings Ltd gained 3.28%, and China Resources Beer (Holdings) Company Ltd also increased by 3.28%.

On the downside, Lenovo Group Ltd led the blue-chip losses with a 4.82% drop, followed by Alibaba Health Information Technology Ltd down 3.46% and China Life Insurance Company Ltd falling 3.17%.

Within the Hang Seng Tech Index, 7 constituents rose while 21 fell. MINIMAX-W was a significant decliner, dropping 17.13%, alongside Shanghai Huahong Grace Semiconductor Manufacturing Corporation which fell 7.12% and SenseTime-W which declined 5.67%.

Gainers in the tech index included JD.com, Inc., which rose 2.72%, Trip.com Group Limited up 1.52%, and Kuaishou Technology increasing by 1.30%.

MiniMax's Sharp Decline

Shares of MINIMAX-W opened lower and extended losses, at one point plunging nearly 20% to hit a new record low since its listing. The stock closed at HK$222.60 per share, down 17.13% for the day, representing a decline of over 80% from its peak price of HK$1,330.

The company, which listed just over six months ago, recently announced a proposed capital raising plan of approximately HK$15.957 billion.

Concurrently, MiniMax is facing a significant share unlock period, a key factor contributing to the recent sharp price correction. Under Hong Kong listing rules, shares held by cornerstone investors and early backers of MiniMax became eligible for sale after a six-month lock-up period, effective from July 9th. Public data indicates that the unlocked shares represent about 63% of the company's Hong Kong-listed share capital, with financial investors holding roughly 30%. Financial investors typically have a stronger incentive to sell when sitting on paper profits.

Huaxin Securities issued a research report assigning a "Buy" investment rating to MiniMax. The brokerage forecasts the company's revenue for 2026 through 2028 to be RMB 1.82 billion, RMB 4.67 billion, and RMB 9.88 billion, respectively. It projects net profit attributable to shareholders for the same periods at a loss of RMB 3.03 billion, RMB 3.001 billion, and RMB 2.047 billion, translating into price-to-earnings ratios of -41.7x, -42.1x, and -61.7x.

Huaxin Securities highlighted three key investment points for MiniMax: first, its M3 model ranks among the top three globally, with its token-based economic model beginning to show promise; second, its global "B+C" business model is gradually taking shape; third, its AI video creation capabilities are improving, aiding the commercialization of content generation.

The brokerage also listed five major risk factors for the stock: first, the risk of continued losses; second, high financial expenses and debt levels; third, elevated sales and administrative expenses; fourth, persistently high research and development costs; fifth, high valuation and market volatility.

Hengrui Medicine's Drug Development Progress

Jiangsu Hengrui Medicine Co., Ltd. announced on July 13th that its subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., received a "Drug Clinical Trial Approval Notice" from the National Medical Products Administration for its SHR-3079 injection, with clinical trials to commence shortly.

This drug is an innovative product independently developed by the company. As there are currently no similar drugs approved for marketing domestically or internationally, it holds certain market potential. Cumulative R&D investment in the SHR-3079 injection project has reached approximately RMB 24.4 million to date, demonstrating the company's continued commitment.

On the same day, Hengrui Medicine also announced that the Center for Drug Evaluation of the NMPA agreed to include the HRS-7058 capsule in the Breakthrough Therapy designation program for the treatment of locally advanced or metastatic pancreatic cancer with KRAS G12C mutation.

Phase I clinical trial data presented at the 2025 ESMO congress showed that in four patients with pancreatic ductal adenocarcinoma who had failed at least one prior line of systemic therapy, HRS-7058 achieved an objective response rate of 75% and a disease control rate of 100%, with a manageable safety profile and good tolerability.

The pancreatic cancer market presents unmet clinical needs, and with similar products already approved domestically, competition is intensifying.