The Hang Seng Index dropped 0.9 per cent to 26,518.27 as of 9.50am local time, putting the benchmark on track for its biggest weekly loss in 10 weeks. The Hang Seng Tech Index shed 2.3 per cent. On the mainland, the CSI 300 Index declined 0.6 per cent and the Shanghai Composite Index fell 0.5 per cent.
Search-engine giant Baidu lost 3.2 per cent to HK$139.20, while electric-vehicle maker Li Auto tumbled 3.3 per cent to HK$91.45. E-commerce giant Alibaba Group Holding retreated 2.2 per cent to HK$169.60, while peer JD.com declined 1.9 per cent to HK$133.10. Gold miner Zijin Mining Group slumped 4.5 per cent to HK$34.50.
Three stocks debuted on Friday. In Hong Kong, Shanghai Zhida Technology Development gained 173 per cent to HK$182.50, while Golden Leaf International Group jumped 462 per cent to HK$2.82. In Beijing, Oms Machinery surged 376 per cent to 39.33 yuan.
Overnight, US stocks slipped as investors took a breather after the S&P 500’s sharp rebound from April’s tariff-driven slump. The rally, which has been fuelled by major technology companies linked to AI, has raised concerns among some analysts about a possible bubble. The S&P 500 index fell 0.3 per cent while the Dow Jones index lost 0.5 per cent and the Nasdaq Composite declined 0.1 per cent.
