Hang Seng Index closes down 3.03%, Hang Seng Tech falls 5.03%

The scale of the tech-index decline relative to the broader benchmark points to a growth and duration-driven selloff rather than a single-stock event, with the battery, biotech and property names hit hardest reflecting pressure across several policy-sensitive sectors at once. The dispersion is notable: a roughly 21% single-session drop in a smaller name alongside high-single-digit losses in large caps suggests liquidity is thinning at the margin. Whether the tech index keeps underperforming the main board, and whether the steepest decliners see follow-through selling, is the open question.