Hong Kong stocks closed lower after a weak start. The Hang Seng Index fell 0.98%
at the close and the Hang Seng Tech Index was down 1.47%, after the tech gauge
dropped more than 2% earlier. Chip names ran up then pulled back: Lanqi
Technology (06809.HK) gained over 6% intraday and Tianshu Zhixin (09903.HK) rose
more than 3% before trimming gains. Bank of China Hong Kong (02388.HK) jumped
nearly 6% to a record high; China Merchants Bank (03968.HK) and China
Construction Bank (00939.HK) also traded higher. AI names saw pockets of
strength, with Zhipu AI (02513.HK) up over 5%. Winners included telecoms,
memory/storage, brain–computer interface and agriculture stocks. PCB makers
slid: Kingboard Laminates (01888.HK) and Kingboard Holdings (00148.HK) each fell
more than 7%. Gold producers plunged—Lingbao Gold (03330.HK) dropped over
5%—while base metals, building materials/cement, mainland property, cloud
computing, robotics and heavy machinery were among the laggards.
