Hong Kong-listed tech stocks extended gains; Xiaomi Group (01810.HK) rose over 5%, JD Health (06618.HK) rose over 4%, and AliHealth (00241.HK), Baidu (09888.HK) and Tencent Holdings (00700.HK) also advanced.

ChiNext Index extended gains to 2% before noon; Shanghai Composite rose 0.69%. Humanoid robotics and precious metals led sector gains.

South Korea’s Ministry of Science and ICT vice minister said on the 3rd the government is re-evaluating plans to build sovereign foundational AI models and will pursue large-scale projects focused on AI infrastructure, physical AI and autonomous model capabilities. The government has raised its AI budget to 9.9 trillion won this year, about three times last year, targeting a top-three global AI ranking. Seoul plans to expand AI data-center capacity to 8.4 GW by 2029 and add a further 10 GW by 2035, and aims to lead the physical AI field by 2030 while advancing an AI-for-all program to give all citizens access to AI services. The ministry said on the 2nd there is no concrete decision yet to use excess semiconductor tax revenue to fund development of a MYTHOS-scale sovereign model.