Nvidia CEO exit triggers Hong Kong tech stock sell-off, Hang Seng dips below 24,000
Hong Kong shares fell after Nvidia's CEO departure sent US and global AI stocks lower. The Hang Seng Index dropped 0.57% to 23,871 points. Local chipmakers gained, while tech heavyweights declined. Oil prices rose amid Middle East tensions.
Hong Kong's technology shares were dragged down on 13 November after news of Jensen Huang's departure as Nvidia's chief executive the previous night sent Nvidia shares plunging 14 per cent, pulling US shares and global AI-linked stocks lower. The benchmark Hang Seng Index opened 136 points down and fell 0.57 per cent to 23,871 points, while the tech gauge dropped 0.35 per cent to 3,918 points, according to The Standard.
Tech heavyweights Alibaba (9988) and Tencent (0700) dipped 0.5 per cent and 1.5 per cent, respectively. Meituan (3690) declined 1.2 per cent, and Xiaomi (1810) slipped 0.8 per cent. However, local chipmakers rallied, with Hua Hong Grace Semiconductor gaining 2.79 per cent as the best-performing blue chip, and Semiconductor Manufacturing International Corporation (0981) rising 2.59 per cent after announcing its interim results the previous day.
SMIC reported third-quarter revenue rose 6.1 per cent year on year to US$3.19 billion (HK$24.88 billion), and it expects revenue to rise 4 to 6 per cent in the fourth quarter. Link Real Estate Investment (0823) contracted 1.7 per cent after reassuring shareholders of a stable rental outlook in its interim results press conference, with total distributable amount for the first half of the 2026/2027 financial year up 0.4 per cent to HK$3.3 billion.
Oil prices rose sharply, with Brent futures settling up to US$3 per barrel as escalating Middle East conflict and attacks on energy infrastructure overshadowed rising crude output. CNOOC (0883) rose 0.8 per cent, and PetroChina (0857) rose 0.6 per cent. Chinese commercial aerospace company Adaspace Technology (6935) opened down 1.8 per cent in its IPO debut.
