Hong Kong stocks opened lower and slid further; by midday the Hang Seng Index was down 0.96% and the Hang Seng Tech Index was down 1.54%. Biotech pockets were active—02315.HK rose over 11%, 09688.HK (Zai Lab) rose more than 5%. Infant goods, education and department-store names outperformed. Gold miners extended a pullback: 01818.HK and 02259.HK fell over 4%. Chinese broker stocks tumbled—China International Capital Co (03908.HK) down more than 6%, CITIC Securities (06030.HK) down over 3%. Optic

Hong Kong stocks opened lower and slid further; by midday the Hang Seng Index was down 0.96% and the Hang Seng Tech Index was down 1.54%. Biotech pockets were active—02315.HK rose over 11%, 09688.HK (Zai Lab) rose more than 5%. Infant goods, education and department-store names outperformed. Gold miners extended a pullback: 01818.HK and 02259.HK fell over 4%. Chinese broker stocks tumbled—China International Capital Co (03908.HK) down more than 6%, CITIC Securities (06030.HK) down over 3%. Optical-communications names slid (01347.HK down ~4%, 03308.HK down ~3%). Other laggards included power equipment, retail, logistics, NEVs, chips and building materials/cement. Li Auto (02015.HK) fell over 4%, hitting a post-listing low.