Hong Kong’s Hang Seng Tech Index Sinks 5% as Optical Names Lead Selloff

Hong Kong’s Hang Seng Tech Index closed down 5.03% at 3,793.93 points on October 22, while the Hang Seng Index closed down 3.03% at 22,934.68 points. Optical communications stocks led the decline: Yangtze Optical Fibre and Cable fell nearly 12%, Cambridge Technology dropped more than 11%, and Zhongji Innolight lost more than 7%. Large internet stocks also declined, with Alibaba down more than 6%, Xiaomi Group down more than 3%, and Tencent Holdings down nearly 3%. Lithium-battery names remained weaker, as CATL fell more than 7% and CALB Group dropped more than 4%.