Hang Seng Drops 1.01% to 24,834.12 on Beijing AI Probe
Beijing's data-security probe into DeepSeek and Moonshot AI triggered a 253.63 point drop in the Hang Seng Index.
Key points
- The Hang Seng Index closed at 24,834.12 on 23 September 2026, down 1.01% from the previous day.
- Beijing's data-security probe into DeepSeek and Moonshot AI triggered the selling pressure in Hong Kong.
- Alibaba fell 4.4% and Z.AI dropped 12.4%, while Li Auto rose 2.57% against the market trend.
The Hang Seng Index closed at 24,834.12 on Wednesday, 23 September 2026. The benchmark lost 253.63 points, a 1.01% decline, to end a three-day winning streak.
Beijing opened a data-security probe into AI firms DeepSeek and Moonshot AI. This regulatory threat drove heavy selling in Hong Kong tech stocks.
Index closes below 25,000 threshold
The index opened lower at 25,064.84 and fell steadily. It hit a session low of 24,811.85 in the final hour of trading.
Full-day turnover reached HK$184.3 billion. The Hang Seng Tech Index dropped 1.33% to 4,379.07, outpacing the broader market decline.
Tech stocks lead the decline
Alibaba fell 4.4% and Xiaomi dropped 3.8% in blue-chip trading. Recent AI listings suffered sharply, with Z.AI tumbling 12.4%.
Li Auto bucked the trend by rising 2.57% to HK$46.24. UBS cited a valuation near historic lows as a key support factor for the stock.
Market sentiment shifts ahead of summit
Investors grew cautious ahead of the meeting between Xi Jinping and Donald Trump. Reports that Chinese executives would not attend tempered expectations for major deals.
CITIC Securities advised shifting from high-dividend stocks to quality payers. They emphasized strong earnings and robust cash flow as key selection criteria.
