The offshore yuan rose above 7.23 per USD, marking its highest level since late November, with an intraday increase of over 200 pips. In Hong Kong, the Hang Seng Tech Index experienced a decline of over 2%, with notable drops in stocks such as ZA Online, which plunged 13.5%, and Alibaba Group, which fell 7.9%. Conversely, several Chinese electric vehicle manufacturers saw gains, with Li Auto rising more than 12% and Xpeng increasing by nearly 6%. Tesla reported 6,900 new vehicle registrations in China for the week ending February 23, 2025, a notable increase compared to previous weeks. The Shanghai Composite Index fell nearly 0.8%, while the Shenzhen Component Index and Chinext Index both dropped more than 1%. In contrast, Hong Kong's Hang Seng Index closed down 307.59 points, or 1.32%, at 23,034.02, and the Hang Seng China Enterprises Index decreased by 119.69 points, or 1.39%, at 8,499.19. The market is showing mixed signals as it navigates through recent fluctuations.