We report a theoretical analysis of the half-polarized quantum Hall states
observed in a recent experiment Our numerical results indicate that the gro
und state energy of the quantum Hall nu = 2/3 and nu = 2/5 States versus sp
in polarization has a downward cusp at half the maximal spin polarization.
We map the two-component fermion system onto a system of excitons and descr
ibe the ground state as a liquid state of excitons with nonzero values of e
xciton angular momentum.