The Hang Seng Index slipped 0.4%, or 100 points, to 25,029 on Wednesday, pulling back after finishing flat in the previous session. Renewed geopolitical tensions weighed on risk appetite and overshadowed support from semiconductor shares, which advanced in line with a strong tech-led rally on Wall Street.
Oil prices inched higher as US forces carried out strikes on Iranian military targets for an 11th straight night, reinforcing concerns over potential supply disruptions and broader regional instability.
Among the major decliners were Tencent (-3.6%), Z.Ai Co (-3.0%), Xiaomi (-3.9%), Meituan (-3.5%), and AIA (-1.2%), all dragging on the benchmark.
On the primary market front, investors tracked Zhongji Innolight’s planned Hong Kong IPO, which is seeking to raise up to HK$55.05 billion and could become the city’s largest listing this year. Separately, reports said Moonshot AI intends to begin discussions in August for a final funding round ahead of a Hong Kong debut, targeting a valuation of up to $50 billion amid robust demand for its latest AI model.
