Hang Seng Index Closes Up 0.52%, Hang Seng Tech Index Gains 1.16%

The divergence between the tech index's gain and the broader index's modest rise points to leadership concentrated in a handful of names rather than broad participation. Lenovo and KE Holdings carried the upside, while the sharp drops in Recbio and Qingcheng New Drug show that stock-specific risk remains punishing in the biotech space, with WuXi AppTec's softer decline suggesting the pressure is not uniform across the sector. Whether that narrow leadership broadens or the decliners stabilize is the open question.