Hong Kong Stock Market Falls Over 600 Points Afternoon, Tech Stocks Lead Decline

The Hang Seng Index fell over 628 points or 2.51% to 24,380 by 1:27 p.m. local time on July 17, breaking below 25,000 and the 50-day moving average. The National Index dropped 251 points or 3.02% to 8,066, while the Tech Index fell 248 points or 5.14% to 4,585.

Technology and semiconductor stocks led the selloff. Major tech names declined sharply: Tencent fell 5.2%, Alibaba dropped 4.3%, Meituan fell 5.6%, Kuaishou plunged 7.3%, and Baidu fell 4.1%. In semiconductors, Zhongxing Semiconductor fell 8.6%, Huahong Macro fell 9.4%, and ASMPT fell 8.7%. AI-related stocks faced steep losses, with Zhipu dropping 25.1%.