Hong Kong stocks open lower amid tech selloff

Hong Kong shares opened lower on Friday, tracking a global tech sell-off as potential tighter artificial intelligence regulation rattled market sentiment.

The benchmark Hang Seng Index dropped 392 points, or 1.58 percent, to 24,404.

The tech gauge slumped 3.11 percent to 4,025.

Lenovo (0992) kept slipping after logging a 6 percent loss a day ago, down 9.6 percent at the open, marking the worst performance among blue chips.

Chipmakers also dragged down the market. Hua Hong Grace Semiconductor (1347) fell 8.6 percent despite a 1.5 percent rise in third-quarter net profit released a day ago, while SMIC (0981) opened 6.4 percent lower.

Tech majors underperformed the market, with Alibaba (9988) and Tencent (0700) decreasing 3.8 percent and 2.2 percent.

In contrast, PetroChina (0857) and CNOOC (0883) went up 1.5 percent and 0.3 percent on the rebounding oil prices.

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