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Yulu Ao

Hong Kong stocks fell on Tuesday, tracking Wall Street’s losses, as renewed concerns about the artificial intelligence race weighed on sentiment, while mainland markets rallied on the first trading day in the Year of the Horse.
The Hang Seng Index dropped 1.8 per cent to 26,590.32 at the close of trading, paring some of the 2.5 per cent gain recorded on Monday. The Hang Seng Tech Index fell 2.1 per cent. On the mainland, the CSI 300 Index rose 1 per cent while the Shanghai Composite Index jumped 0.9 per cent.
Technology heavyweights led the major losers. Chipmaker Semiconductor Manufacturing International Corp dropped 2.4 per cent to HK$69.40, and search-engine firm Baidu slid 2.6 per cent to HK$129.70. E-commerce giant Alibaba Group Holding fell 2.8 per cent to HK$148, and WeChat operator Tencent Holdings slipped 3.4 per cent to HK$520.
Limiting losses, property developer Henderson Land gained 2.1 per cent to HK$35.32 and PC maker Lenovo Group climbed 1.7 per cent to HK$9.53.
Overnight in the US, all major benchmarks fell after a viral Substack post from Citrini Research outlined a pessimistic scenario in which advances in AI would disrupt white-collar employment. The S&P 500 Index fell 1 per cent, the Nasdaq slid 1.1 per cent and the Dow dropped 1.7 per cent.
“Markets used to move on confirmed deterioration,” said Stephen Innes, managing partner at SPI Asset Management. “Now they can lurch on projected displacement. That is the adjustment investors are grappling with. Not just how AI will reshape industries, but how AI discourse itself is reshaping price action.”
Bucking the broader market decline, Knowledge Atlas Technology, better known as Zhipu AI, surged 12 per cent to HK$628 while MiniMax jumped 4.7 per cent to HK$880, after brokerages said the large language model sector could see an acceleration in large-scale commercial adoption.
Elsewhere, CK Hutchison Holdings fell 2.7 per cent to HK$62.55 after issuing a statement opposing a move by Panamanian authorities to take over two Panama Canal ports that had been operated by its subsidiary.
Among other major Asia-Pacific markets, Japan’s Nikkei 225 gained 0.9 per cent and South Korea’s Kospi climbed 2.1 per cent, while Australia’s S&P/ASX 200 was little changed.


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Tech heavyweights drag Hong Kong stocks lower as investors fret over AI disruption following Wall Street’s decline


Tech heavyweights drag Hong Kong stocks lower as investors fret over AI disruption following Wall Street’s decline.


Hong Kong stocks retreat on AI worries, China markets rally in Year of the Horse

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Tech heavyweights drag Hong Kong stocks lower as investors fret over AI disruption following Wall Street’s decline

Tech heavyweights drag Hong Kong stocks lower as investors fret over AI disruption following Wall Street’s decline