Market Updates
China's Indexes Lacked Directions After U.S. Resumed Attacks in Iran, SMIC In Focus
Li Chen
26 May, 2026
Hong Kong
Benchmark indexes in mainland China and Hong Kong struggled amid ongoing tensions in the Middle East.
The Hang Seng Index increased 0.5%, and the mainland-focused CSI 300 Index declined 0.3% after the U.S. carried out air attacks targeting locations in southern Iran.
The Brent crude oil prices rose 1% to $98.35 a barrel following the latest US attacks, undermining the prospects of a near-term peace deal between the US and Iran.
Crude oil prices regained the upward momentum as the shipments through the Strait of Hormuz remained disrupted for the eighth week under the dual blockade.
China Indexes and Stocks
The Hang Seng Index increased 0.5% to 25,742.97, and the mainland-focused CSI 300 Index decreased 0.3% to 4,907.69.
Internet platform operators led the most actively traded stocks in Hong Kong.
Alibaba Group increased 1.3% to HK $128.60, Tencent Holdings decreased 0.3% to HK $440.00, and Baidu Inc. declined 0.3% to HK $127.90.
SMIC soared 8.5% to HK $86.65 after the company won the final regulatory hurdle to acquire the remaining 49% stake in its Beijing-based foundry unit.
The company won a one-year approval to issue 547.2 million Class A shares to five shareholders of Semiconductor Manufacturing North China, or SMNC, according to the latest stock exchange filing.
The proposed transaction values the 49% stake at 40.6 billion yuan, or $6.0 billion, and the new shares will be issued at a price of 74.20 yuan per share.
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