Hong Kong stocks closed lower. Hang Seng Index fell 1.78%; Hang Seng Tech Index dropped 4.37%. AI names led declines: 02513.HK slid 28.49% to lead Hang Seng Tech constituents, 00100.HK fell 15.63%. Biotech underperformed—01672.HK dropped over 20%; 02197.HK, 01952.HK and 09926.HK each fell more than 10%. Semiconductor names 02577.HK and 03986.HK dropped over 11%. Shipping rallied in the afternoon: 08502.HK rose 11.86%, while 01145.HK and 08020.HK gained more than 5%.