The ChiNext opened lower but moved higher, rising as much as 1%, while the STAR 50 Index rose nearly 2%. Chip and semiconductor stocks surged again, with SMIC jumping 7%.

The ChiNext opened lower but moved higher, rising as much as 1%, while the STAR 50 Index rose nearly 2%. Chip and semiconductor stocks surged again, with SMIC jumping 7%.

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On May 20, A-shares showed volatility and divergence in the morning session. The three major indices all opened lower. The Shanghai Composite and Shenzhen Component Indexes continued to fall in early trading, while the ChiNext opened low but rose higher, climbing nearly 1%, and the STAR 50 surged over 2% again. The chip and semiconductor sectors continued to explode, with GPU, advanced packaging, Changxin Memory concept stocks, among others, surging collectively. Power, telecom, precious metals, and other sectors adjusted across the board.

Hong Kong stocks all opened lower. Both the Hang Seng Index and Hang Seng Tech Index fell. The Hang Seng Tech Index once turned positive in early trading but fell back again. Most tech stocks declined, with Bilibili dropping more than 5%. The chip and semiconductor sectors were also strong, with Hua Hong Semiconductor rising over 4%.

In the bond market, government bond futures rose across the board. In commodities, most domestic commodity futures fell, while the container shipping index, fuel oil, crude oil and others rose against the trend. Core market trends:

A-shares: As of press time, the Shanghai Composite fell 0.26%, the Shenzhen Component fell 0.01%, and the ChiNext Index rose 0.87%.



Hong Kong stocks: As of press time, the Hang Seng Index fell 0.51%, and the Hang Seng Tech Index fell 0.21%.



Bonds: Government bond futures rose across the board. As of press time, the main 30-year contract rose 0.05%, the main 10-year contract rose 0.01%, the main 5-year contract rose 0.01%, and the main 2-year contract rose 0.01%.



Commodities: Most varieties of domestic commodity futures fell. As of press time, the container shipping index surged nearly 5%. Fuel oil, bitumen, crude oil, caustic soda, eggs, soybean meal, Shanghai aluminum, and Shanghai nickel all rose. Stainless steel, industrial silicon, iron ore, hot-rolled coils, silicon manganese, rebar, coke, pulp, Shanghai copper, coking coal, and other products all fell. Shanghai tin, glass, Shanghai gold, polysilicon, platinum, palladium, and others fell at least 1%. Lithium carbonate and Shanghai silver dropped more than 3%.

10:13

SMIC A-shares trading volume exceeded 10 billion yuan, surging more than 7% intraday.

According to information, the CSRC website shows that Yangtze Memory Technologies Holdings Co., Ltd. released a counseling and filing report for its initial public offering and listing. The IPO process of Yangtze Memory is attracting much market attention. Its wholly-owned subsidiary, Yangtze Memory Technologies, was included in Hurun Research Institute’s 2025 Global Unicorn List for the first time with a valuation of 160 billion yuan, ranking 9th among China’s top ten unicorns and 21st globally, and becoming the highest-valued emerging unicorn in the semiconductor industry.

A few days earlier, another storage giant—CXMT—also reported new progress regarding its listing. According to CXMT’s prospectus disclosed on May 17, benefiting from continued growth in computing power demand and rising DRAM prices, CXMT is expected to achieve a net profit attributable to the parent company of 50–57 billion yuan in the first half of 2026.

According to 21st Century Business Herald, industry chain sources revealed that from the fourth quarter of 2025 onward, CXMT and Yangtze Memory have experienced a “scramble for supply,” which continues to this day. Industry insiders believe this change is basically aligned with the current upward cycle in memory chip prices.

10:03

The chip industry chain continued to strengthen, with computing power chips leading the gains. Cambricon rose more than 5%, hitting a record high and breaking through 860 billion yuan in total market value. Da Shengda hit the daily limit earlier, while Muxi Shares, Alchip Technologies, Moore Threads, and Hygon Information followed the rally.

09:58

The Hang Seng Tech Index turned positive; SMIC surged over 7%, and Hua Hong Semiconductor rose more than 6%.

09:50

The green power concept fluctuated and adjusted. Jingneng Power hit its limit down. Datang Power Generation and Huadian Liaoning fell more than 9%. Zhejiang Energy Power, Jinneng Holding, Shenzhen Nanfang Electric A, Shaoneng Shares, Guang’an Aizhong, and Jinkai Xinneng all declined.

09:26

The Shanghai Composite Index opened down 0.4%, and the ChiNext Index fell 0.48%. Precious metals, lithium mines, photovoltaics, AI computing power, CPO, AI applications, humanoid robots, brain-computer interface concept stocks all weakened. More than 3,800 stocks fell across the market.

09:21

The Hang Seng Index opened down 0.34%, and the Hang Seng Tech Index fell 0.35%. Trip.com Group, Hua Hong Semiconductor, Baidu Group, and Kuaishou were the biggest decliners, while Li Auto, JD.com, and Tencent Music performed strongly.

 

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