Hang Seng Tech Index Extends Gain to 1.2%; Xiaomi Up Nearly 4%, BYD Shares Up Over 3%

The significance here is the composition of the move rather than its size: Xiaomi and BYD leading points to hardware and new-energy vehicles doing the heavy lifting, not the platform internet names that have historically driven the index. That distinction matters for anyone tracking whether Hang Seng Tech is trading as a broad tech proxy or as a China EV and devices basket. Whether the advance broadens beyond these two constituents by the close, or fades as it has on other intraday spikes, is the open question.