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The Hang Seng Index declined 1.1 per cent to 25,664.92 at 10am local time, adding to the 0.8 per cent loss a day earlier. The Hang Seng Tech Index slumped 1.9 per cent. On the mainland, the CSI 300 Index slid 0.6 per cent and the Shanghai Composite Index shed 0.4 per cent.
Technology firms were among the major losers. E-commerce giant Alibaba Group Holding slumped 2.2 per cent to HK$155.50 and peer JD.com slid 1.4 per cent to HK$121.70. WeChat operator Tencent Holdings lost 1.2 per cent to HK$621.50 and short-video platform Kuaishou Technology lost 2.4 per cent to HK$69.75. Electric-vehicle maker BYD slumped 2.8 per cent to HK$94.40, while smartphone and carmaker Xiaomi eased 1.5 per cent to HK$42.76.
The losses mirrored the retreat in the US overnight after Palantir Technologies, the US tech platform that helps integrate AI technologies, tumbled almost 8 per cent despite beating revenue estimates and raising its annual forecast. The decline tempered confidence in the durability of AI-led gains and reinforced concerns about the recent tech-led downturn.
Limiting losses, blind-box toymaker Pop Mart International rose 2.1 per cent to HK$222.20, while food-delivery service provider Meituan advanced 0.5 per cent to HK$100.40 and pharmaceutical maker WuXi AppTec added 0.2 per cent to HK$100.30.
Two stocks debuted. Seres Group fell 3.7 per cent to HK$126.60 in Hong Kong and Suzhou Fengbei Biotech Stock jumped 181 per cent to 68.89 yuan in Shanghai.
