The Hong Kong stock market closed lower on Wednesday. The Hang Seng Index (HSI) fell 0.3%, and the Hang Seng Technology Index (HSTECH) fell 0.2%.

Kuaishou, Bilibili up 2%; Alibaba up 0.3%; Pop Mart fell 4%; NIO down 2%; Meituan fell 1.7%; Xiaomi fell 0.6%.

Nvidia CEO Jensen Huang was the guest of honour at the International Supply Chain Expo in Beijing on Wednesday. This was Huang’s third visit to China this year.

“Today, AI is [a] fundamental infrastructure, like electricity and internet before, [and] AI is revolutionising the supply chain, changing how we build and move things,” Huang said. On Tuesday, the California-based chip designer said that it would sell its H20 chip – a less powerful, China-compliant alternative to its gold-standard acceleration chip – after receiving an assurance from the US government that export licences would be granted.

“Nvidia’s H20 AI chips are set to flow back into China, and traders stampeded into the usual suspects,” said Stephen Innes, managing partner at SPI Asset Management. He added that this help drove the Hong Kong’s technology stocks as “animal spirits stirred in the East”.