The Hang Seng Tech Index has seen its decline accelerate, now down 2%. Shares of Alibaba (BABA) have fallen below the HK$100 level in Hong Kong trading, hitting their lowest point since April 2025, and are currently down more than 3%.
The leading AI model developers are spearheading the losses, with Zhipu AI down over 9% and MiniMax plunging more than 13%.
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