Hang Seng Index slumps over 400 points on Friday, Z.ai sinks 28 percent

Hong Kong stocks plunged over 400 points on Friday, following a global tech selloff on inflationary worries.

The benchmark Hang Seng Index declined as much as over 600 points at one point before paring the loss to 446, or 1.8 percent, to 24,562 at the close. 

The market turnover rose to HK$322.9 billion.

The Hang Seng Tech Index sank by 4.4 percent to 4,623 points, led by a 28.5 percent slump in Z.ai (2513) and a 15.6 percent drop in MiniMax (0100). 

Semiconductor stocks also plummeted with Semiconductor Manufacturing International (0981) falling nearly 10 percent.

In the mainland, the Shanghai Stock Exchange Composite Index was down by 3 percent to 3,764 points and the Shenzhen Stock Exchange Component Index fell by 5.4 percent to 13,706 points.

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