The three major A-share indexes fell together, liquid cooling server stocks collectively adjusted, a trillion-dollar bull stock plummeted to the limit, the Hang Seng Tech Index opened high but fell, new consumer stocks rebounded, Mixue surged 7%.
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A-share liquid-cooled server stocks generally fell, with the trillion-yuan market leader Invt dropping to the limit. A previous announcement stated that in the first quarter, the company achieved a net profit attributable to shareholders of 8.6576 million yuan, down 81.97% year-on-year.
On April 21st, A-shares opened lower across the board in the morning session, and all three major indexes fell at the start. The ChiNext Index once dropped 1%. Some computing hardware industry chains such as copper-clad laminate, circuit board, and fiberglass were active, while coal, banking, and lithium mining sectors rose. AI computing power and server sectors collectively adjusted, and the semiconductor sector declined.
Hong Kong stocks fluctuated and fell back, with the Hang Seng Tech Index dropping at the start, and the Hang Seng Index opening higher but moving lower, almost turning negative in the morning. Internet stocks diverged, with Alibaba down nearly 1%. New consumption concept stocks collectively rebounded, with Mixue Group soaring 7%. Victory Giant Technology's Hong Kong IPO surged over 60% on its debut, currently up 45%.
In the bond market, government bond futures rose across the board. In commodities, domestic commodity futures diverged, with polysilicon continuing to rise over 4%. Core market trends:
A-shares: As of press time, the Shanghai Composite Index down 0.20%, the Shenzhen Component Index down 0.48%, and the ChiNext Index down 0.49%.
Hong Kong stocks: As of press time, the Hang Seng Index up 0.21%, the Hang Seng Tech Index down 0.49%.
Bonds: Government bond futures rose across the board. As of press time, the main contract for 30-year bonds rose 0.26%, 10-year up 0.07%, 5-year up 0.04%, 2-year up 0.01%.
Commodities: Domestic commodity futures diverged. As of press time, polysilicon rose more than 4%, and had hit the limit-up in the previous trading day. Alumina, crude oil, rubber, coke, Shanghai tin and others rose over 1%. Iron ore, rebar, hot rolled coil, soybean meal, caustic soda, pulp, asphalt, stainless steel, propylene, etc. rose. Shanghai nickel, fuel oil, glass, eggs, container index, ethylene glycol, palladium, industrial silicon, Shanghai copper, manganese silicon, Shanghai gold, rapeseed, methanol, Shanghai aluminum, platinum, etc. fell; lithium carbonate and Shanghai silver dropped over 1%.
10:56
Victory Giant Technology's Hong Kong IPO price fell back after opening high on its first day, currently up 45%.
Nvidia supplier Victory Giant Technology's opening stock price surged nearly 60% from its issue price to HK$330, with fundraising reaching HK$20.12 billion (about $2.57 billion).
This IPO is the largest in Hong Kong since Zijin Mining International’s HK$25 billion IPO last September, marking a continued warming attraction of Hong Kong’s capital market to AI-related targets.
Victory Giant Technology’s listing is part of the recent wave of AI-related companies rushing to Hong Kong’s capital market. Large language model developer MiniMax, Zhipu AI, and chip makers MemoryTech and Shanghai Biren Technology have all recently sought funding in Hong Kong.
This IPO attracted endorsements from well-known cornerstone investors, including Morgan Stanley & Co. International, Citic Bank’s CNCB Investment, and Yunfeng Capital under Jack Ma.
The Shenzhen-headquartered PCB manufacturer, already listed on the Shenzhen Stock Exchange, focuses on providing high-end PCB products for AI server and automotive electronics. Its products are widely used in computers, aerospace, automotive electronics, and consumer electronics fields.
Last year, Victory Giant Technology’s A-share price rose over 580%, with both profit and revenue recording strong growth, mainly driven by robust demand for AI computing applications. Nvidia is one of its major clients.
10:18
The optical module index mostly declined. TFC Communications opened sharply lower but narrowed its decline in the morning, now down 4.5%.
According to a WallStreetCN article, benefiting from booming AI and data center demand, TFC Communications recorded first-quarter 2026 revenue of 1.33 billion yuan, up 40.82% year-on-year; net profit attributable to shareholders was 492 million yuan, up 45.79% year-on-year. The plan to list in Hong Kong has been approved by the shareholders' meeting, marking a key step in capital operations.
09:54
The PCB concept rose against the trend. Defu Technology rose over 10% to hit a new historical high, and Guanghe Technology, Ping An Electric, Xun Jie Xing, Zhongying Technology, Tongguan Copper Foil, Yihao New Materials followed up.
According to news, Soochow Securities pointed out that leading PCB enterprises’ investment in AI is entering a phase of upward slope, judging that leading PCB companies may have single-quarter capital expenditure continuing to exceed expectations in 2026, which will bring good performance boosts to PCB equipment enterprises.
09:39
The pharmaceutical sector was active against the trend. Yibai Pharmaceutical hit limit-up, Jinling Pharmaceutical, Guangshengtang, Lingkang Pharmaceutical, Shenzhou Cell, Warner Pharma, and Sai Lun Biotech followed up.
According to news, the State Council General Office issued "Several Opinions on Improving the Drug Price Formation Mechanism", proposing 14 measures including optimizing the initial pricing mechanism for innovative drugs and newly listed drugs.
09:35
Liquid-cooled server concept stocks collectively plunged. The trillion-yuan leader Invt plummeted to the limit, Shengyang shares hit limit-down, Dayuan Pump Industry dropped 9%, Intel Technology fell 8%, Jia Litou plunged over 7%, Gaolan shares, Ucloud-W, Ruijie Networks dropped over 6%, Longpan Technology, Chuanrun shares, Su Guang Digital fell over 5%.
According to news, Invt announced that in the first quarter of 2026, the net profit attributable to shareholders was 8.6576 million yuan, down 81.97% year-on-year. Previously, Invt’s stock price had accumulated an increase of over 40% this month.
09:29
A-share liquid-cooled server concept stocks opened lower. Invt hit limit-down. According to news, Invt announced first quarter 2026 net profit of 8.6576 million yuan, down 81.97% year-on-year.
09:26
The Shanghai Composite Index opened down 0.15%, ChiNext Index down 0.42%. Liquid-cooled server, high-speed copper connectivity, CPO, AI computing power, consumer electronics, and semiconductor concept stocks weakened; lithium battery and energy metals were strong.
09:21
The Hang Seng Index opened up 0.31%, the Hang Seng Tech Index up 0.53%. Baidu Group, Trip.com Group, and BYD shares were among the top gainers. Victory Giant Technology debuted with over 57% gain on its first trading day.
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