The Hang Seng Index was little changed at around 23,043 on Wednesday, as gains on Wall Street were offset by concerns over rising US Treasury yields, a stronger dollar and weakening mainland buying support. The Nasdaq gained 1.18% ahead of earnings from major US technology companies and the Federal Reserve’s policy decision. However, higher yields and a stronger dollar could pressure Hong Kong technology stocks. Meanwhile, mainland A-shares trade at a 33% premium to Hong Kong-listed counterparts, reflecting Beijing’s market-support measures and growing investor preference for onshore equities. Mainland investors have also recorded approximately HK$20 billion in net selling of Hong Kong stocks this month, potentially removing a key source of market support. Notable movers included Genscript Biotech (+8.67%), Kingboard Laminates (+6.77%), Semiconductor Manufacturing International Corp. (+4.10%) and Z.AI (+3.54%), while AIA Group (-2.90%) and Pop Mart (-1.59%) declined.