"Hong Kong Stocks" Hang Seng Index drops 535 points in half a day, AI concept stocks decline, Baidu falls over 6%
The Hang Seng Index fell 535 points or 2.1%, closing at 25,300 points; the National Index dropped 195 points or 2.1%, closing at 8,947 points; the Hang Seng Tech Index decreased by 173 points or 3.1%, closing at 5,401 points. AI concept stocks declined, with Baidu down 6.6% and Alibaba down 4.1%. Chip stocks SMIC and Hua Hong both fell 5.3%, while chip equipment stock ASMPT dropped 5.8%. In telecommunications infrastructure, ZTE and Changfei Optical Fiber Cable fell 4% and 5.8%, respectively. Medical platforms JD HEALTH and Alibaba Health dropped 7.2% and 4.8%. Pharmaceutical stocks such as Innovent Biologics and Kingsoft fell between 4.8% and 5.4%. Other tech stocks saw Tencent down 1.6% and Xiaomi down 0.8%
