Hong Kong equities retreated on Thursday, surrendering recent gains as a broad-based sell-off in technology shares across Asia weighed on regional sentiment.
The decline in the mainland's Shanghai Composite Index, which fell 0.9% amid heavy selling in semiconductor stocks that had recently hit record highs, cast a shadow over local trading.
Despite the broader weakness, Zhipu AI emerged as a notable outlier, surging more than 10% in the session.
Investors appeared cautious, digesting the sharp pullback in the chip sector that has dominated recent market action.
Despite the broader weakness, Zhipu AI emerged as a notable outlier, surging more than 10% in the session.
The artificial intelligence firm’s shares rallied as volatility surrounding its recent initial public offering share unlocking began to ease, providing a rare bright spot in an otherwise risk-off environment.
The move suggests that specific corporate catalysts can still drive significant price action even when regional headwinds persist.