Hong Kong's benchmark Hang Seng Index fell 1.89% on August 24, while the Hang Seng Tech Index tumbled 3.61%.

The tech and internet sector witnessed a widespread decline, with the "twin titans" of large language models taking a severe hit. Both Zhipu AI and MiniMax saw their shares plunge by more than 10%.

Alibaba Group Holding Ltd (SEHK: 9988) dropped over 8%, while Semiconductor Manufacturing International Corp (SEHK: 0981) fell nearly 8%. Hua Hong Semiconductor Ltd (SEHK: 1347) declined by more than 5%.

Other notable losers included Horizon Robotics Inc (SEHK: 9660), Xiaomi Corp (SEHK: 1810), and Kuaishou Technology (SEHK: 1024), each shedding over 4%. Meanwhile, Baidu Inc (SEHK: 9888), Tencent Holdings Ltd (SEHK: 0700), and NetEase Inc (SEHK: 9999) all retreated by more than 3%.

The semiconductor and chip stocks also came under heavy pressure, with the Wind Hong Kong Semiconductor Index plunging over 6%. Iluvatar CoreX (SEHK: 0668), Hongguang Semiconductor (SEHK: 6908), and Shandong Tianyue Advanced Materials (SEHK: 6887) all saw declines exceeding 10%, while Montage Technology (SEHK: 6889) fell more than 8%.