Hang Seng Tech Index Drops 10% from May High, Enters Correction

The Hang Seng Tech Index, a benchmark for Chinese tech stocks listed in Hong Kong, has dropped 10% from its May high, entering correction territory. The index opened higher at +2.7% but is now down -1.22%. The Hang Seng Index (HSI) also saw fluctuations, initially up 1% but now down -0.50%, closing at 18,079.61 points, a decrease of 0.8%. Specific stocks within the index have shown varied performance, with Lenovo up approximately 10% since the May peak, while Li Auto has declined by 22% since May 20th. Additionally, the Hang Seng Mainland Banks Index has fallen more than 3%.