On March 12, 2025, the Hang Seng Tech Index fell over 3%, while the broader Hang Seng Index dropped approximately 1.4% and the H-Shares Index declined nearly 1.5%. Despite the sell-off, mainland investors continued to purchase Hong Kong stocks through southbound trading, with net purchases surpassing HKD 20 billion. Since Donald Trump took office, the Hang Seng Index has surged 21%, making it the top-performing index globally, in stark contrast to the S&P 500, which has slumped around 7%. This divergence between the two indexes represents the most extreme difference since the dotcom bubble burst.