Baidu gains more than 5% as Hong Kong becomes primary listing Sept. 1

Hong Kong’s Hang Seng Index closed down 0.34%, and the Hang Seng Tech Index fell 0.13%. PCB, optical communications and semiconductor shares rallied, with Montage Technology up more than 12%, Kingboard Laminates more than 10%, Yangtze Optical Fibre and Cable more than 10%, GigaDevice more than 7%, Hua Hong Semiconductor more than 4% and SMIC more than 2%. AI large-model stocks also rose, led by Zhipu, which gained more than 12%, and MiniMax, which climbed nearly 4%. Baidu Group advanced more than 5% after adding Hong Kong as its primary listing venue and announcing that it will complete a dual primary listing on Sept. 1.