The Hang Seng Index fell 0.9%, or 216 points, on Wednesday to close at 23,652, its lowest level since July 2026, as weakness in technology and battery makers outweighed a generally improved global risk tone.
Selling pressure intensified after CATL slumped about 10%, hurt by slower third-quarter profit growth amid intensifying competition and softer Chinese auto sales. Technology stocks remained under pressure on worries about the payback from heavy AI-related capital spending and persistently high financing costs, even as renewed optimism over AI server demand followed Super Micro Computer’s upgraded revenue outlook.
At the same time, investors continued to assess China’s economic trajectory and the likelihood of additional policy support, while corporate earnings releases and expectations for US interest rates stayed firmly in focus.
Among individual movers, Pop Mart dropped 5.7%, Semiconductor Manufacturing International Corporation fell 2.3%, and Tencent declined 3.8%. On the upside, Lenovo gained 2.9% and Z.AI Co. added 2.0%, offering some limited support to the broader market.
