Stocks of Hong Kong-listed tech companies saw a wide selloff on Friday, dragging the benchmark Hang Seng Index down 1.78 percent, said market analyst Wang Yin.
The Hang Seng Index down 1.78 percent to close at 24,562.24 points. The Hang Seng China Enterprises Index dropped 2.18 percent to end at 8,136.73 points, while the Hang Seng Tech Index dropped 4.37 percent to end at 4,623.17 points.
Wang said stocks of chipmakers and digital storage led the losses.
"Over in Hong Kong, shares also swooned, led by tech stocks. Stocks of storage concepts were among the top losers. GigaDevice Semiconductor fell 12 percent and Montage Technology lost 9 percent, and the decline of storage-related ETFs widened. Chipmakers continue to drag stock indices lower, as a brutal selloff in chipmakers rippled through global markets today, triggering a rout across Asia. Hong Kong-listed shares of chipmaker SMIC tumbled nearly 11 percent, and Hua Hong Grace Semiconductor was trading nearly 13 percent lower," said Wang.
Wang said AI-related stocks are also affected by the broad tech selloff.
"Meanwhile, AI-related stocks suffered heavy losses, leading losses on the market's tech-stock index. Shares of Z.AI, better known as Zhipu AI, plunged more than 28 percent, its biggest percentage fall since its listing earlier this year and MiniMax Group dropped more than 15 percent. Hang Seng Artificial Intelligence Index was trading down 10.6 percent at the close," said Wang.
Tech stocks lead losses in Hong Kong market on Friday: analyst
A new China Global Television Network (CGTN) documentary explores how the historic Long March spirit is driving modern innovation, as young Chinese researchers and engineers are channeling this relentless drive to overcome critical bottlenecks in the EV and AI industries.
Titled "The Source of AI: Not a Single Rock Goes to Waste", the documentary highlights the pioneering journeys of Zhong Yu and He Pengyu.
Two years ago, Zhong made a pivotal career shift, leaving a long-established automaker to return to China and join Farasis Energy, a homegrown battery manufacturer based in Ganzhou City of east China's Jiangxi Province.
Working around the clock, Zhong and his team are developing solid-state batteries. This next-generation technology promises higher energy density and enhanced safety, having the potential to completely disrupt the current automotive landscape.
Through his research, Zhong is determined to establish China as a global leader in the battery sector.
While Zhong focuses on the power sources of the future, He Pengyu is tackling the foundational raw materials required for the EV and AI boom.
The rapid expansion of these sectors has triggered a massive surge in demand for copper and rare earth elements. However, extracting and separating these valuable minerals from raw ore has long been a formidable technical hurdle.
Without advanced equipment, China's mining industry once relied on grueling, inefficient manual sorting.
Determined to change this paradigm after returning from his studies in France, He founded HPY Sorting. The company has developed a revolutionary AI-driven optical ore sorting system capable of automatically separating waste rock from valuable ore.
Processing up to 300 tons of ore per hour, this intelligent sorting technology is now deployed in mines across the world, replacing tasks that once relied on human experience with precision-driven algorithms and automated machinery.
He Pengyu hopes that through his innovation, not a single rock goes to waste.
The documentary is part of CGTN's "Breaking Through" series, which traces China's journey from the historic Long March undertaken by the Red Army nine decades ago to its modern-day achievements, highlighting the resilience, ingenuity, and determination of its people.
Long March spirit drives critical breakthroughs in China's EV, AI industries: documentary
