Hang Seng Tech Index Falls 2%; MINIMAX Drops Over 10%, Biren Technology Down 9%

The outsized declines in MINIMAX and Biren relative to the index suggest the selling is concentrated in AI and semiconductor names rather than broad tech weakness, which points to positioning or sentiment specific to that theme. Both are among the more recent listings in Hong Kong's tech cohort, so moves of this size can reflect thinner liquidity and sharper reactions to flows. Whether the pressure stays confined to AI and chip names or spreads across the wider index is the open question.