Hong Kong stocks closed mixed after an intraday high above 1% for the HSI. The
Hang Seng Index (HSI) ended up 0.25%; the Hang Seng Tech Index fell 0.67%.
Mainland bank names were bid—China Merchants Bank (03968.HK) rose over 3%.
Stablecoin-themed and biotech names saw gains—01328.HK and 02696.HK each climbed
more than 3%. Outperforming sectors included power, Chinese brokerages, marquee
internet, lithium batteries and AI. Optical-communications shares extended
losses—Cambridge Technology (06166.HK) tumbled over 11% and 06869.HK fell more
than 7%. PCB names underperformed—03200.HK dropped over 9%. Chips, mainland
property, new-consumption and NEV sectors were also weaker.
