Hong Kong Stocks Open Lower; Hang Seng Down 0.96% at 24,523.50

A soft open is routine, but the tech and internet names leading the decline matters more than the index level itself — those are the same listings most exposed to crypto-adjacent and RWA sentiment flows out of Hong Kong. The near-identical drop in the tech gauge and the broader benchmark suggests broad de-risking rather than a sector-specific story, with single-stock moves in Alibaba and NetEase amplifying the drag. Whether that correlation holds through the session, or whether the weakness stays concentrated in the platform names, is the open question worth tracking.