Market Overview - The Hong Kong stock market failed to maintain its previous day's gains, with all three major indices declining. The Hang Seng Index closed down 0.61% at 24,325.4 points, with a total turnover of HKD 261.73 billion [1] - Industry expert Zhang Yidong from Industrial Securities predicts that the Hong Kong stock market will experience a volatile upward trend in the second half of 2025, with potential new highs in the autumn [1] Blue-Chip Stocks Performance - Kuaishou-W (01024) saw a moderate increase of 3.26%, closing at HKD 61.75, contributing 9.26 points to the Hang Seng Index. CICC estimates Kuaishou AI's valuation could reach USD 6 billion due to its technological leadership and growth potential [2] - Other notable blue-chip performances include China Hongqiao (01378) up 4.2% to HKD 17.88, and Chow Tai Fook (01929) up 3.72% to HKD 13.4. Conversely, China Shenhua (01088) fell 4.25% to HKD 30.4, negatively impacting the index [2] Sector Highlights - The large technology stocks showed mixed results, with Kuaishou rising over 3% while Alibaba fell 2.86%. The cryptocurrency sector saw significant activity, with Victory Securities surging 150% before a sharp decline [3] - Precious metals stocks performed well, with Shandong Gold (01787) rising 6.7% to HKD 28.65, and China Hongqiao (01378) up 4.2% [4] - The military sector saw gains, with China Shipbuilding Industry (00317) up 6.16% and Aerospace Science and Industry (00031) up 4.88%, driven by upcoming military parades showcasing domestic equipment [6] New Listings and IPOs - Saint Bella (02508) had a strong debut, rising 33.74% to HKD 8.8, with a net fundraising of approximately HKD 630 million. The company is recognized as Asia's largest postpartum care group [11] - Chow Tai Fook (06168) also performed well, increasing 25% to HKD 30, with a net fundraising of approximately HKD 1.193 billion [13]