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The Hang Seng Index dropped 2 per cent to 26,354.34 at the open. The Hang Seng Tech Index lost 2.4 per cent. On the mainland, the CSI 300 Index fell 1 per cent and the Shanghai Composite Index lost 0.9 per cent.
Technology heavyweights led losses. Search-engine operator Baidu slumped 4.3 per cent to HK$134.80, and WeChat operator Tencent Holdings slipped 2.2 per cent to HK$546. E-commerce major Alibaba Group Holding fell 3.8 per cent to HK$153.50, while peer JD.com dropped 2.4 per cent to HK$106.20. Short-video sharing platform Kuaishou Technology lost 3.7 per cent to HK$70.30, and online-game provider NetEase slid 3.1 per cent to HK$186.70.
Only three constituents of the 88-member Hang Seng Index advanced. China Mengniu Dairy added 0.6 per cent to HK$17.25, Midea Group advanced 0.2 per cent to HK$89.30 and New Oriental Education & Technology edged up less than 0.1 per cent to HK$49.28.
Overnight in the US, the S&P 500 fell 1.2 per cent for a third straight session, while the tech-heavy Nasdaq 100 extended its sharpest downturn since April. Software stocks continued to slide after artificial intelligence firm Anthropic unveiled a new model aimed at financial research, highlighting intensifying competitive pressures.
Meanwhile, gold dropped 3.7 per cent and silver slid 8 per cent after plummeting 20 per cent in the prior session. Bitcoin briefly slipped below US$60,000, extending a rout that has erased about half of its value since October.
