HK Stock Market Move | Optical communication sector fell across the board, YOFC (06869) plunged more than 7%, with rumors that Oracle postponed the construction of OpenAI data center.

The optical communication sector fell across the board. As of press time, YOFC (06869) fell by 6.05% to 44.44 Hong Kong dollars; Hongtek Precision (06088) fell by 4.64% to 5.34 Hong Kong dollars; Cig Shanghai (061066) fell by 3.48% to 86 Hong Kong dollars. On the news front, there have been recent market reports that Oracle will delay the completion of some OpenAI data center construction projects from 2027 to 2028 due to labor and material shortages. On December 12, Oracle responded that the relevant projects will proceed as planned without any delays. However, Oracle did not disclose a specific construction timeline. It is worth noting that YOFC previously announced that the company will issue 70 million new H shares, with the expected net proceeds of approximately 2.29 billion Hong Kong dollars, about 80% of which will be used for the development of the company's overseas business. In addition, on the evening of December 8, Cig Shanghai announced its intention to raise 1 billion US dollars through the issuance of overseas listed foreign shares (H shares) to increase the capital of its wholly-owned subsidiary CIG America.