A-shares fluctuated and diverged, lithium batteries surged, the leading liquid-cooled server stock fell again to the daily limit, Hang Seng Tech Index dropped 2%, CATL H-shares fell nearly 5%, and 30-year government bonds rose to a more than 4-month high.
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On April 22, after opening lower in the morning, A-shares moved higher, with the three major indexes surging at the opening before diverging and fluctuating. Concept stocks in the lithium battery industry chain and optical modules erupted, with Xiangfenghua and Changguang Huaxin both hitting the 20CM limit up. Shipping, military, and other sectors adjusted, and the leading liquid-cooled server company, Invt, continued to drop to its limit.
Hong Kong stocks opened lower and continued to decline, with the Hang Seng Index and Hang Seng Tech Index both falling over 1% in the morning session. Tech stocks collectively dropped; heavyweight tech names such as Tencent, Alibaba, Meituan, and JD.com all fell sharply. CATL H shares fell nearly 5%, previously news reported Sinopec was selling CATL H shares at a discount for more than $760 million.
In the bond market, government bond futures continued to rise across the board, with the main 30-year contract up 0.5%. In commodities, most domestic futures moved higher, with polysilicon up 3%. Core market movements:
A-shares: As of press time, the Shanghai Index rose 0.05%, the Shenzhen Component Index rose 0.13%, and the ChiNext Index fell 0.02%.
Hong Kong stocks: As of press time, the Hang Seng Index was down 1.02%, the Hang Seng Tech Index down 1.71%.
Bonds: Government bond futures fell across the board. As of press time, the main 30-year contract rose 0.52%, the main 10-year contract rose 0.09%, the main 5-year contract rose 0.05%, and the main 2-year contract rose 0.02%.
Commodities: Domestic commodity futures mostly rose. As of press time, polysilicon rose 4.7%, the container shipping index rose more than 2%, fuel oil, eggs, soybean meal, crude oil, caustic soda, ethylene glycol, rapeseed, etc. rose more than 1%. Rubber, coke, asphalt, lithium carbonate, coking coal, propylene, SHFE nickel, industrial silicon, glass, iron ore, alumina, hot-rolled coil, rebar, etc. rose. SHFE copper, pulp, SHFE aluminum, methanol, stainless steel, platinum, palladium, SHFE gold, SHFE tin, etc. fell; SHFE silver fell more than 2%.
10:07
CATL H shares fell nearly 5%. Earlier, WallstreetCN reported that, according to a Reuters term sheet, Sinopec (Hong Kong) plans to sell 8.5 million H shares of Chinese EV battery maker CATL for about $768.5 million.
The term sheet shows these shares are sold at HK$708 per share, about 3.8% discount to CATL’s Tuesday closing price of HK$736, which is a relatively mild discount.
According to Bloomberg, the company plans to sell about 8.5 million shares, with the offering price range between HK$702.90 and HK$717.60 per share. If priced at the upper limit, the total proceeds would reach $779 million.
10:01
The Hang Seng Tech Index's drop widened to 2% intraday. Tencent Music and Bilibili fell more than 4%.
09:57
Government bond futures extended their gains. The 30-year main contract rose 0.53% to RMB 114.29, a new high since December 3, 2025.
09:44
The battery industry chain erupted. Xiangfenghua rose to the 20cm limit, Chuan Yi Technology hit the limit up, Zhenhua New Material rose more than 10%, Zhidongli, Betterray, etc. surged.
09:39
CPO concept stocks soared again, Changguang Huaxin rose more than 16% to a new all-time high, Dongshan Precision, Shijia Photon, Taichen Optical followed the rise.
According to TrendForce’s latest research, the global AI-dedicated optical transceiver module market has entered a high-speed growth stage. Market size is projected to grow from $16.5 billion in 2025 to $26 billion in 2026, an annual increase of more than 57%.
09:33
Liquid-cooled server concept stocks weakened again. Invt fell for a second consecutive day, Dayuan Pump Industry, Jialitu, Oulu Communication, Yimikang, Chuanhuan Technology followed the decline.
09:26
The Shanghai Index opened down 0.25%, ChiNext Index down 0.77%. Commercial space, space photovoltaics, lithium mines, AI applications led the declines; lithium battery industry chain moved against the trend and strengthened.
09:21
The Hang Seng Index opened down 0.69%, Hang Seng Tech Index down 1.02%. Baidu Group, Alibaba, JD.com, Tencent Music, JD Health fell over 2%. Meituan, Bilibili, and XPeng Group also led the declines.
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