China markets drop after weak tech earnings, Hang Seng rises
China's stock markets dropped sharply on Wednesday (CSI300 fell 2.4% and Shanghai Composite slipped 2%), mostly because tech sectors like semiconductors and robotics had a rough day after weak earnings reports.
Meanwhile, Hong Kong's Hang Seng Index managed a small 0.2% gain.
Semiconductors tumble, Unitree surges
Semiconductor stocks tumbled about 7%, and the CSI Robot Index lost over 6%.
Baidu shares plunged 12% after disappointing results, while China Unicom dropped nearly 8% following a big profit dip.
But it wasn't all bad: Unitree made an impressive debut in Shanghai, with its shares surging nearly 500%, proof that investors are still excited about robotics even when the rest of tech is struggling.
Housing rules boost property, financials
Even as Shenzhen and other indexes slid further, financial and property stocks held up better thanks to new housing rules aimed at boosting demand by making it easier to use housing funds.