The Hang Seng slumped 561 points or 2.4% to end at an almost 2-week low of 23,344 on Tuesday, reversing gains from a day earlier amid broad-based losses.
Traders booked profits ahead of quarter-end, as earnings reports and Beijing's latest stimulus had largely been priced in. The tech index tumbled 3.8%, with Xiaomi sinking 6.1% after planning to raise up to $5.27 billion through a share sale.
Alibaba fell almost 4% after warning of rising data center costs, while Sunny Optical plunged 9.9% on concerns over a capacity glut. Consumer and financial stocks also declined, bucking a broader rally in Asia following signals from U.S. President Trump that he might scale back planned tariffs.
Meanwhile, U.S. futures moved lower, due to inflation concerns and slowing growth. EV stocks saw steep losses, with BYD Electronic (-9.4%), Geely Auto (-5.4%), and Li Auto (-5.0%) falling sharply. Other major laggards included Laopu Old (-9.2%), Pop Mart Intl. (-6.1%), and China State Construction (-3.7%).
Source: Trading Economics
