By midday trade, the Hang Seng Index (HSI) was down 1.69% and the Hang Seng Tech
Index fell 2.14%. Large tech names broadly lower: Xiaomi Group (01810.HK) down
>3%; Alibaba (09988.HK), Baidu (09888.HK), Meituan (03690.HK) and JD.com
(09618.HK) each down >2%. Property names underperformed: Country Garden
(02007.HK) -4.8%, China Vanke (02202.HK) -5.6%. Losses were concentrated in
power equipment, gaming software, physical AI and new-energy vehicle makers.
