On June 23, ChinaAMC Hang Seng Tech (03033) fell 3.05% in regular trading, trading at HKD 4.326, with turnover of HKD 4.353 billion. The decline came as the Hang Seng Tech Index broke below the 4,500-point level amid a broad Asia-Pacific selloff.

The immediate catalyst was a circuit breaker triggered in the Korean stock market, which saw a plunge of over 6% in a session, dragging down regional markets. The Hang Seng Tech Index fell 2.21% to 4,449 points by midday, with heavyweight constituents Tencent dropping 3.65% and Alibaba falling 3% below HKD 100 to its lowest since April last year. AI model companies Zhipu and MiniMax led losses, declining 12% and over 15% respectively.

Multiple headwinds converged: the Fed maintained rates at 3.50%-3.75% on June 17 with a hawkish dot plot raising the median rate forecast to 3.8%, dampening hopes for near-term easing; concerns over AI-related capital expenditure eroding corporate profits weighed on tech valuations; and elevated trading crowdedness in parts of Asia raised tail-risk fears. Analysts noted that while short-term pressure persists, valuations at approximately 15x PE for major internet names suggest longer-term investment value is emerging.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)