HK Stock Market Move | Apple concept stocks lead the decline, FIT HON TENG (06088) is down over 9%. Institutions say that the impact of tariffs on the supply chain should not be overestimated.

Concept stocks related to Apple were among the top decliners. As of the time of writing, FIT HON TENG (06088) dropped by 9.33% to 5.83 Hong Kong dollars; COWELL (01415) dropped by 5.7% to 34.42 Hong Kong dollars; Q TECH (01478) dropped by 4.91% to 15.1 Hong Kong dollars; BYD ELECTRONIC (00285) dropped by 4.59% to 39.52 Hong Kong dollars. On the news front, the US recently announced that it will impose a 100% tariff on Chinese imports. CMSC believes that this tariff threat should be seen as a bargaining chip rather than a goal, and the probability of a 100% tariff being implemented is low. Huafu Securities stated that the impact of the tariffs on the supply chain equipment companies should not be overestimated, as Apple has very strict requirements for its suppliers and domestic supply chain companies are irreplaceable. It is worth noting that a report released by Counterpoint previously stated that in the first eight weeks of the third quarter of 2025, smartphone sales in China decreased by 2% compared to the same period last year. This is related to promotional activities and national subsidy policies intensifying competition in the mid-to-high-end market and consumers' inclination to purchase mid-to-high-end products. The agency predicts that the Chinese smartphone market will have a slight decline in the third quarter of 2025, while the overall performance will remain relatively stable throughout the year.