The Hang Seng Index slipped 0.7% on Thursday, down 165 points to close at 24,038, reversing early gains as renewed weakness and volatility in regional technology stocks weighed on sentiment. Knowledge Atlas Technology, also known as Zhipu AI, climbed more than 10% as turbulence linked to the expiry of its recent IPO lock-up period began to ease. By contrast, rival MiniMax tumbled nearly 20.1% during its first major lock-up expiration.
Smart-Core Holdings defied the broader downtrend, jumping more than 23%. The softness in Hong Kong came despite rebounds in other Asian markets, as escalating US–Iran tensions pushed oil prices higher and added pressure to regional risk appetite. Among notable laggards were Tencent (-2.0%), Xiaomi (-2.1%), Meituan (-2.9%), Kuaishou (-4.1%), and Pop Mart International (-3.3%). In contrast, Semiconductor Manufacturing International Corporation surged 12.1%.
