Hong Kong shares opened lower on Thursday as big tech names retreated, while chipmakers rallied.
The benchmark Hang Seng Index fell 194 points, or 0.8 percent, to 24,121 points.
Tech gauge also dropped 0.8 percent to 3,995 points.
The major tech names were largely in the red, with heavyweight Alibaba (9988) declining 2.19 percent as the worst-performing blue chip, and Tencent (0700) dipping 1.37 percent. Xiaomi (1810) and JD.com (9618) also fell 0.73 percent and 1.89 percent, respectively. Lenovo (0992) opened 1.2 percent higher.
In contrast, Hua Hong Grace Semiconductor (1347) bucked the trend, rising 2.5 percent as the best-performing blue chip, while Semiconductor Manufacturing International Corporation
(0981) rose 0.7 percent.
The CSOP NVIDIA Daily (-2x) Inverse Product (7388), which delivers minus two times Nvidia’s daily performance, surged 14 percent amid news of a board-led investigation into potential foreign-intelligence targeting of Nvidia chief executive Jensen Huang, a shareholder lawsuit and broader market and political fallout.
Separately, CK Hutchison (0001) reportedly shelved its plan to spin off Watsons through a dual listing in London and Hong Kong due to current market conditions, and may restart the plan next year in a better market environment. The news weighed on its shares, which opened down 1.46 percent.
On the financial front, HSBC (0005) fell 0.6 percent.
The city also welcomed two IPO debuts. Chinese semiconductor and full-stack robotics solution provider Amicro Technology (2065) surged 66 percent to HK$16.41 at market open, with each board lot requiring 500 shares, it delivered a paper gain of HK$3,255. Its retail tranche was oversubscribed 12.95 times.
Semiconductor and memory product company HOSIN Global Electronics (2681) rose 0.4 percent to HK$73.1, delivering a paper gain of HK$27 with 100 shares per board lot. Its retail tranche was oversubscribed 1.37 times.
