Northbound funds returned to the market for the first time after the National Day holiday, but overnight external markets faced profit-taking pressure, with U.S. major indices retreating, dragging down global market sentiment. The Hang Seng Index extended its decline throughout the morning session, losing the 24,000 level early without signs of stabilization, and continued to slide in the afternoon. After the A-share market closed at 3 p.m., the Hang Seng Index further plunged below the key technical support level of 23,800.

　　Despite the return of northbound funds, market selling pressure intensified. Although daily net inflows from northbound funds continued to expand, it appears that some capital took advantage of the northbound return to increase selling. The heaviest-weighted HSBC (00005) could not withstand the selling pressure, with its afternoon decline widening to nearly 5%. It is now down 4.9% at HK$142.5, hitting its lowest level since mid-June. On the news front, reports suggest the UK is considering imposing a windfall tax on banks, coupled with news that HSBC plans to cut staff in its UK wealth management division, pushing HSBC's share price to new lows. Financial stocks also faced selling pressure; HKEX (00388) fell 1.2% to HK$374.4; AIA (01299) declined 0.1% to HK$68.7.

　　Northbound funds alone could not support the market against selling pressure, with AI hardware and biotech stocks falling together; Lenovo Group (00992) dropped 7.7% to HK$32.46; Hua Hong Semiconductor (01347) fell 8.5% to HK$96.3; SMIC (00981) declined 6% to HK$57.25; Yangtze Optical Fibre and Cable (06869) dropped 6.6% to HK$167.8; Montage Technology (06809) fell 5.4% to HK$275.4; WuXi Biologics (02269) declined 4.9% to HK$53.9; Innovent Biologics (01801) dropped 5% to HK$92.6; CSPC Pharmaceutical Group (01093) fell 5.1% to HK$9.31.

　　Currently, the Hang Seng Index stands at 23,792, down 337 points or 1.4%, with main board turnover exceeding HK$165.6 billion. The Hang Seng China Enterprises Index is at 8,016, down 66 points or 0.8%. The Hang Seng Tech Index is at 4,079, down 114 points or 2.7%.
 

Listed performance of the top ten decliners among blue-chip stocks

Stock (Code)	Current Price (HK$)	Change (%)
Hua Hong Semiconductor (01347)	96.30	Down 8.55%
Lenovo Group (00992)	32.46	Down 7.68%
Sunny Optical Tech (02382)	60.30	Down 7.30%
Weichai Power (02338)	28.64	Down 7.19%
SMIC (00981)	57.25	Down 5.99%
BYD Electronics (00285)	22.46	Down 5.39%
CSPC Pharmaceutical Group (01093)	9.31	Down 5.15%
Innovent Biologics (01801)	92.60	Down 5.03%
WuXi Biologics (02269)	53.90	Down 4.94%
HSBC (00005)	142.50	Down 4.94%

(hc)