Hong Kong shares edged higher by midday; Hang Seng Index was up 0.04% and the
Hang Seng Tech Index rose 0.74%. Large-cap tech led gains: Alibaba (09988.HK)
jumped about 7% after launching the Qianwen Office public beta, Baidu (09888.HK)
+4%, Tencent (00700.HK) +3%, JD (09618.HK) and Meituan (03690.HK) >1%; Xiaomi
(01810.HK) fell about 4%. The State Administration for Market Regulation moved
to curb 'involution', while photovoltaic stocks rallied—Concord New Energy
(00182.HK) spiked as much as 17% intraday and Xunce (03317.HK) rallied nearly
13% post-results, leading AI application names higher. Memory semiconductor
shares extended losses; mainland brokerages and nonferrous metal stocks declined.
