HSI drops 379 points as CATL, AIA lead broad selloff

The Hang Seng Index fell 379 points, or 1.48%, to 25,253 on Thursday, dragged by a broad selloff in blue chips and technology stocks.

"Recent developments have added pressure to the lithium sector," JP Morgan said in a note, as CATL shares slid 7%.

CATL (03750.HK) was the worst performer among Hang Seng Index constituents, sliding 7% to HK$723.5. AIA (01299.HK) plunged 6.75%, with HK$1.15 billion in short selling representing 23.1% of turnover. CMOC (03993.HK) slumped nearly 7%, while Lenovo Group (00992.HK) fell 4.36% as it retreated from recent peaks. Among technology heavyweights, Alibaba (09988.HK) dropped 2.45%, Meituan (03690.HK) lost 2.24%, and Tencent (00700.HK) declined 1.59%. Kuaishou (01024.HK) bucked the trend, rising 0.43%.

Total turnover reached HK$270.23 billion, with elevated short-selling ratios across multiple blue chips pointing to sustained institutional bearish positioning. Meituan's short-selling ratio hit 30.4%, while Lenovo's reached 30.6% and CATL's stood at 36.1%. The Hang Seng Tech Index fell 81 points, or 1.61%, to 4,975, while the Hang Seng China Enterprises Index dropped 94 points, or 1.1%, to 8,501.

The selloff in Hong Kong tracked weakness in mainland A-shares, where the Shanghai Composite also declined. Traders pointed to lingering concerns over US-China trade tensions and the impact of elevated US Treasury yields on Asian equity valuations. Zijin Mining (02899.HK) fell 2.69%, while CITIC (00267.HK) bucked the broader trend, rising 1.39% to hit a new high.

This article is for informational purposes only and does not constitute investment advice.