Hang Seng Tech ETFs are broadly declining, with CSOP Hang Seng Tech 2x Long (07226) falling 5.62% to HK$2.588, Hang Seng Tech ETF (03032) dropping 2.82% to HK$4.136, iShares Hang Seng TECH ETF (03067) down 2.73% to HK$8.735, CSOP Hang Seng TECH Index ETF (03033) declining 2.69% to HK$4.056, and ChinaAMC Hang Seng TECH ETF (03088) losing 2.68% to HK$5.275.

On the news front, CLSA released its China market fund flow weekly report on September 30. The report noted that amid tightening global liquidity, foreign capital withdrew a total of HK$8.5 billion from Hong Kong stocks during the week ending September 30, with outflows concentrated in technology (HK$6.6 billion), raw materials (HK$1.6 billion), and financials (HK$1.4 billion). The healthcare sector, which had seen continuous foreign buying over the past month, also saw inflows slow to HK$2.2 billion during the week, compared to a cumulative HK$21.3 billion over the previous four weeks.

Additionally, the US 10-year Treasury yield briefly broke through 5.34%, hitting its highest level since 2002. The surge in bond yields directly suppresses the valuation logic of tech stocks — for internet and tech companies that rely on discounted future cash flows, the higher the risk-free rate, the greater the valuation pressure.