Hang Seng Index closes below 25,000 points, Alibaba down 4pc

Hong Kong stocks closed below the 25,000-point level on Wednesday, after a report that Beijing has opened a probe into DeepSeek and Moonshot AI over data security raised market concerns about artificial intelligence-related stocks.

The benchmark Hang Seng Index lost 253 points, or 1.01 percent, to 24,834 points, with a full-day market turnover of HK$184.3 billion. 

The Hang Seng Tech Index decreased by 1.33 percent to 4,379 points.

Alibaba (9988) slumped the most among blue chips, down 4.4 percent, followed by the 3.8 percent decrease of Xiaomi (1810). 

Two AI labs, Z.AI (2513) and MiniMax (0100), retreated 12.4 percent and around 4 percent, respectively.

Beijing's investigation intensified investors' fear that Chinese AI labs may face intensified scrutiny amid growing debate over AI safety.

In the mainland, the Shanghai Stock Exchange Composite Index fell 0.39 percent to 3,936 points, while the Shenzhen Stock Exchange Component Index dropped 0.64 percent to 13,636 points.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓