This morning, the Hong Kong stock market saw narrow fluctuations, with the Hang Seng Index generally moving above the 25,000-point level.

Among the constituents of the Hang Seng Index, stocks such as China Unicom, Ali Health, and China Hongqiao led the gains during the session.

Among other stocks with significant volatility, the gold and jewelry stock TSL (Tse Sui Luen) again experienced substantial fluctuations, with intraday gains once exceeding 50%. In just three trading days, the stock surged more than threefold from its lowest point.

Last night, TSL issued an announcement regarding unusual movements in its stock price and trading volume. The announcement stated that the company's board of directors had noted unusual fluctuations in the trading price and volume of the company's shares since August 19, 2025. After making all reasonable inquiries under the circumstances, the board confirmed that it was unaware of any reasons for the fluctuations, any information that must be disclosed to avoid a false market in the company's securities, or any insider information requiring disclosure under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The board also confirmed that the group's business operations are normal, and there have been no material changes in its business operations or financial condition. The board hereby informs the company's shareholders and potential investors that, as of the date of this announcement, the interests of the company's major shareholders in the company's shares (as disclosed in the company's 2024/2025 annual report) remain unchanged.

Another Hong Kong stock, Crystal International Group, saw intraday gains of over 10%.

Crystal International Group announced last night that in the first half of 2025, all divisions of the group achieved balanced growth, benefiting from successfully increasing penetration among major brand customers. The group effectively capitalized on opportunities brought by brand customers expanding into diversified product categories. The group's largest brand customer and several major sportswear brand customers demonstrated exceptional sales growth momentum, collectively serving as strong growth engines for the group. Through strategic capacity expansion and production efficiency optimization, the group achieved both revenue growth and margin improvement, effectively mitigating the adverse impact of high U.S. tariffs.

The announcement stated that the group expanded its workforce last year by hiring approximately 10,000 employees and fully released operational performance during the reporting period. This forward-looking capacity investment, coupled with accelerated automation measures and optimized data-driven processes, created sufficient operational flexibility to offset the impact of tariffs. The group's revenue for the six months ended June 30, 2025, increased by 12.4% to US$1.229 billion compared to the same period last year (six months ended June 30, 2024: US$1.094 billion). Gross profit for the six months ended June 30, 2025, rose by 13.7% to US$243 million (six months ended June 30, 2024: US$213 million), with the gross profit margin increasing from 19.5% in the same period last year to 19.7%.