Hong Kong’s three key stock indices extended their afternoon losses, with the Hang Seng Tech Index falling more than 2%. Tech heavyweights like Hua Hong Semiconductor and SMIC also saw declines. According to a research report by CSC Financial, Hong Kong stocks have gradually bottomed out and established a mid-term trough, now transitioning into a new phase driven by earnings validation and a revival in risk appetite. Over the past month, Hong Kong’s market performance has lagged behind, largely due to global capital flows favoring markets with greater exposure to AI computing power. In contrast, Hong Kong-listed tech firms are predominantly concentrated in internet platforms, with limited direct ties to the computing power sector. However, if the AI investment trend broadens beyond pure computing infrastructure to include areas like computing power leasing and cloud services, Hong Kong’s tech assets could shift from structural disadvantages to competitive strengths.