Hang Seng closes down 1.55%, Hang Seng Tech falls 3.02%

The scale of the tech drawdown dwarfs the broader index move, indicating a concentrated selloff in AI and semiconductor names rather than a broad risk-off session. MINIMAX and Zhipu leading losses alongside hardware-linked names like Zhongji Innolight and Hua Hong points to pressure across the AI supply chain, not a single catalyst. Whether this reflects position unwinding ahead of fresh catalysts or a reassessment of AI valuations is the open question; the spread between the main index and tech index is the key gauge of whether the weakness stays sector-specific.