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Since October 2025, the Hang Seng Tech Index has transitioned from an upward trajectory to a downward one, with a maximum retracement surpassing 20%. Concurrently, the stock prices of several leading Hong Kong-listed internet companies, which constitute the core of the index, have faced sustained downward pressure and entered a declining phase. Analysts attribute the downturn in both the index and stock prices primarily to concerns over an AI bubble, profit-taking at elevated levels, and the spread of baseless rumors. Internet behemoths must pivot away from the outdated approach of 'scaling up and acquiring traffic through heavy spending' and instead focus on boosting business efficiency through technological investments, deepening industrial value, and pursuing growth driven by quality.
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