The Hang Seng dipped 206 points, or 0.8%, to finish at 25,952 on Tuesday, giving up early gains as sentiment deteriorated amid widespread sectoral declines. The tech index fell 1.8% after U.S. President Trump said Nvidia would be barred from selling its most advanced AI chips to China, despite allowing some sales to Beijing. Traders largely ignored reports that China raised subsidies, cutting energy bills for major data centers. Consumer and property shares also retreated, following mainland declines as U.S. futures plunged due to uncertainty over the Fed’s rate path after two cuts this year and ongoing government shutdown concerns. On the business front, distressed Chinese property names again drew focus: New World unveiled a USD 1.9 billion bond swap plan including creditor haircuts, while Vanke’s dollar bonds fell after its largest shareholder tightened loan terms. Notable decliners included Li Auto (-3.7%), Innovent Biologics (-3.5%), Zijin Gold (-2.9%), and Xiaomi Corp.