Hang Seng Tech Index Falls Over 4%, Iluvatar CoreX and Zhipu Drop Sharply

The absence of a named catalyst makes this a sentiment-driven session rather than a reaction to company-specific news, which matters because it suggests broad de-risking in Hong Kong tech rather than a repricing of any single AI name. The outsized moves in Iluvatar CoreX and Zhipu show that the AI-linked listings are amplifying index-level selling, consistent with their higher beta to the theme. What's worth watching is whether the selling stays concentrated in the highest-momentum AI names or broadens into the wider index, and whether a catalyst emerges to explain the move.