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On July 17, at the midday break of the Hong Kong stock market trading session, the Hang Seng Index experienced a significant decline, dropping 1.98% to settle at 24,514.29 points. Meanwhile, the Hang Seng Tech Index, which tracks the performance of Hong Kong-listed technology companies, took an even steeper hit, plummeting 4.04% to reach 4,638.97 points. Among the notable decliners, Zhipu's stock price nosedived nearly 22%, signaling a substantial sell-off. Meituan, another tech giant, saw its shares decline by over 6%. Semiconductor Manufacturing International Corporation (SMIC), China Vanke, and Bilibili also witnessed considerable drops, with their stock prices falling over 5% each. Additionally, tech behemoths Alibaba and Baidu Group were not spared, as their shares retreated by over 3%.
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