AI selloff drags China stocks, Alibaba lifts Hong Kong tech
Chinese stocks took a hit on Monday, with major indexes dropping after a worldwide selloff of AI-related shares.
Semiconductor companies felt the pressure, but Hong Kong's tech sector got a boost thanks to Alibaba launching its most advanced AI model yet.
Semiconductor indexes tumble, CXMT gains
Semiconductor-heavy indexes saw steep declines: STAR50 fell 3.7%, and the CSI All Share Semiconductor Index dropped 5.2%.
Memory chipmaker CXMT managed to rise 2.7%, bucking the trend.
Meanwhile, Hong Kong's Hang Seng Index stayed steady as Alibaba's stock jumped nearly 7% after its new Qwen3.8-Max AI model launch.
China manufacturing weakest in 4 months
A recent survey showed China's manufacturing growth slowed to its weakest in four months, even though export orders picked up again.
This slowdown is making investors wary about China's economic recovery and how global AI market swings could affect things going forward.