Hong Kong’s Hang Seng Tech Index slid 2.71% on June 8, closing at 4,755.91 points. The HSTECH, which tracks 30 major Hong Kong-listed technology companies, didn’t fall in isolation. The broader Hang Seng Index dropped 1.22% to 24,657 points, while the Hang Seng China Enterprises Index declined 1.13%. But tech bore the brunt.
AI and chip stocks led the bleeding
The worst performers were concentrated in artificial intelligence and semiconductor names. MiniMax-W fell over 8% in a single session. GigaDevice Semiconductor fell approximately 3.87%.
MiniMax is one of the AI companies recently tapped for inclusion in the HSTECH index, alongside peers like Zhipu AI.
The selloff traces back to a familiar cocktail of macro anxieties. In the US, disappointing earnings from major semiconductor firms, including Broadcom, triggered a pullback in the American tech sector. Adding fuel to the fire: rising oil prices tied to escalating geopolitical tensions between Iran and Israel. Markets are pricing in roughly a 70% probability of a US rate hike in 2026, which is a significant shift from the dovish expectations that dominated earlier in the year.
