China stocks fall as chip, robotics sell-off overshadows Unitree IPO; HK inches up

Business Recorder, citing Reuters, reported that Chinese equities slid on Wednesday, with semiconductor and robotics shares leading the decline, while Hong Kong shares edged higher. At the lunch break the CSI300 was down 2.4%, and the Shanghai Composite had lost 2%. The Hang Seng, however, gained 0.2%.

Shares of Unitree, a leading Chinese humanoid robot manufacturer, climbed close to 500% by midday in their Shanghai debut, and investors regard the listing as crucial to China's robotics industry. Even so, the CSI Robot Index dropped over 6% and chip stocks fell 7%, in line with a global technology sell-off driven by rising long-term borrowing costs.

Baidu fell 12% after second-quarter results came in below expectations, while China Unicom slid nearly 8% after first-half net profit fell by more than 30%. Financial and property stocks held up better in both mainland and Hong Kong trading as investors placed hopes on the property sector following revised rules that allow more flexible use of the housing provident fund. Analyst Charu Chanana of Saxo Singapore attributed the weakness to a mix of global yield pressure, a move out of crowded tech positions and company-specific earnings misses, rather than a drain from the Unitree listing.