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Hang Seng Index dropped 169 points at market close on Thursday after skyrocketing on the previous trading day, and Knowledge Atlas Technology (2513), or Zhipu AI, rose 11.34 percent following Wednesday’s share placement announcement.
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The benchmark Hang Seng Index fell 169 points, or 0.7 percent, to 24,030 points. Its full-day market turnover was HK$377 billion.
Tech gauge went up by 0.01 percent to 4,731 points.
Semiconductor Manufacturing International Corporation (0981) rebounded from its losses for the past week, rising 10.22 percent, leading the gain among the blue chips. Lenovo (0992) also rose 7.71 percent.
Zhipu AI rose 11.34 percent as it announced its share sale following the lock-up expirations, raising HK$31.4 billion.
Other tech stocks dragged. Kuaishou (1024) fell 4.27 percent. Meituan (3690) and Alibaba (9988) dropped 2.97 percent and 2.72 percent, respectively. Tencent (0700) and Xiaomi (1810) went down by 1.92 percent and 1.19 percent, respectively.
Pharmaceutical stocks Wuxi Biologics (2269) and Wuxi AppTec (2359) rose 3.93 percent and 1.78 percent, respectively. CATL (3750) increased 1.51 percent.
Sun Hung Kai Properties (0016) rose 1.95 percent. Energy stocks Power Assets (0006) and Hong Kong and China Gas (0003) rose 2.03 percent and 1.08 percent.
Laopu Gold experienced the largest decline among blue chips, dropping 5.57 percent.
AIA (1299) fell 1.9 percent, Bank of China (3988) fell 1.57 percent, and Chow Tai Fook (1929) dropped 1.55 percent.
In the mainland, the Shanghai Stock Exchange Composite Index increased 1.65 percent, or 65 points, to 4,036 points. The Shenzhen Stock Exchange Composite Index rose 3.07 percent to 15,398 points.
In Asia, Japan’s Nikkei 225 Index rose 1.68 percent to 67,945 points at market close. South Korea’s Kospi closed flat at 7,291 points. Samsung Electronics and SK Hynix closed up 0.18 percent and 5.30 percent, respectively.
