HK Market Review: Major indices open lower, tech stocks plunge, automotive stocks plummet, innovative drug concepts retreat! Alibaba dips 2.5%, Ideal Autos drops 9%, BYD shares fall 5%

July 30, 2025 | Overnight, the US stock market closed lower, with the major indices down. The Hong Kong stock market's three main indexes opened lower, extending yesterday's decline, with the Hang Seng Index down 0.74%, the HSCEI down 0.98%, and the HSTECH down 1.83%. On the trading floor, large-cap tech stocks generally trended downward, with Alibaba dropping 2.5%, JD.com and Baidu both down over 2%, Meituan down over 1%, Tencent and NetEase also seeing declines; automotive stocks plummeted, with Ideal Autos falling 9% and BYD (002594) shares falling nearly 5%. Other notable decliners included semiconductor chip stocks, with Shanghai Fudan falling nearly 3% and SMIC dropping 1.3%. Innovative drug concepts that had been rising continuously also saw a retreat, with Federated Pharmaceutical and Three Life Pharmaceutical both down over 2.5%. On the other hand, entertainment and leisure stocks, battery stocks, and live-streaming concept stocks showed some strength, with Yu Shu Technology partnering with Universal Entertainment to develop social robotic arms, leading to a nearly 15% surge in Star Power.