The Hang Seng Index weakened again in Thursday’s trading (Nov 12), falling 1.3%—or 307 points—to reach the 24,009 level. This decline marks the second consecutive session of losses, driven by pressure across the technology, retail, and financial sectors.
Sentiment toward tech stocks soured following an 8% drop in Nvidia shares during Wall Street’s after-hours trading. The decline was triggered by reports regarding a potential change in leadership—specifically the possible replacement of Nvidia CEO Jensen Huang—which fueled concerns about the company’s future direction and added volatility to the global AI sector.
Alibaba shares also faced pressure, falling as much as 5% after the company moved forward with plans to spin off its semiconductor unit, T-Head. Meanwhile, CK Hutchison shares slid more than 4% following reports that the company has delayed plans for a dual listing of its subsidiary, A.S. Watson.
Hong Kong’s IPO market is also showing signs of losing momentum. Six companies that priced their initial public offerings this week set their share prices near the bottom of their indicative ranges, reflecting weak demand from institutional investors.
Other tech stocks also came under pressure: Tencent fell 2.6%, Z.AI Co. dropped 9.1%, MiniMax plunged 7.8%, and Kuaishou weakened by 5.3%. These declines indicate that the pressure is not isolated to a single firm but is instead widespread across Hong Kong’s technology sector.