Hang Seng Tech Index Drops 3.84% as Alibaba Falls Over 9%

Hong Kong stocks closed the morning session with the Hang Seng Index down 2.09% and the Hang Seng Tech Index down 3.84%. During trading, the Hang Seng Tech Index's decline widened to as much as 4%, with MINIMAX-W falling over 10%. Among individual stocks, Alibaba and MINIMAX each dropped over 9%, Zhipu fell over 8%, and SMIC lost over 6%. Zhipu and MINIMAX-W each fell more than 7% during the session. China Petroleum & Chemical Corp. rose over 4%, while Pop Mart gained over 3%.