Hang Seng closes below 24,100 as tech selloff deepens; Lenovo plunges 14.5pc
Hong Kong shares fell 1.03 per cent on Thursday amid a global tech selloff, with the Hang Seng Index closing at 24,062 points. Lenovo led blue-chip losses, sliding 14.5 per cent, while Chinese AI firms also slumped sharply.
Hong Kong shares ended lower on Thursday as a global technology selloff weighed on sentiment, with investors concerned that United States interest rates could rise further on higher-than-expected inflation.
The benchmark Hang Seng Index fell 251 points, or 1.03 per cent, to 24,062 points, with full-day turnover reaching HK$224.1 billion. The Hang Seng Tech Index dropped 2.72 per cent to 4,060 points.
Lenovo (0992) nosedived 14.5 per cent to a two-month low, making it the worst performer among blue-chip stocks. It was followed by Hua Hong Grace Semiconductor (1347), which fell 7.8 per cent, while Semiconductor Manufacturing International Cooperation (0981) dropped nearly 4 per cent.
Tech heavyweights Alibaba (9988) and Tencent (0700) slid 3.7 per cent and 1.3 per cent respectively.
Chinese artificial intelligence firms also underperformed the broader market. Z.AI (2513) slumped 10 per cent, and MiniMax (0100) dived 12.1 per cent to a new low.
On the mainland, the Shanghai Stock Exchange Composite Index fell 1.59 per cent to 3,707 points, and the Shenzhen Stock Exchange Component Index retreated 2.43 per cent to 11,816 points.