Hong Kong stocks close lower, Zhipu AI surges 36pc

Read More Hong Kong stocks erased all early gains and closed lower on Tuesday, partly dragged down by bank giants. ADVERTISEMENT SCROLL TO CONTINUE WITH CONTENT The benchmark Hang Seng Index edged down by 10 points, or 0.04 percent, to 25,132, with a full-day turnover of HK$289.9 billion. The Hang Seng Tech Index also increased by 1.32 percent to 4,814 points. Lenovo (0992) surged the most among blue chips, up 8.5 percent, after its chairman and chief executive Yang Yongqing said the firm targets to achieve over US$100 billion (HK$780 billion) in revenue driven by its artificial intelligence business. Chipmakers performed strongly for the second consecutive day, with Semiconductor Manufacturing International Cooperation (0981) and Hua Hong Grace Semiconductor (1347) rising 8.2 percent and 17.9 percent, respectively. Two AI startups also rebounded sharply. Knowledge Atlas Technology (2513), or Zhipu AI, skyrocketed 36 percent on the news of its Chinese-chip-powered data center. Its peer MiniMax (0100) also gained 15 percent. Gold-related stocks outperformed the market. Zijin Mining (2899) advanced 4.6 percent and Laopu Gold (6181) climbed 2.4 percent. However, shares of the banking sector broadly dropped. HSBC (0005) went down 0.82 percent, while China's bank giants China Construction Bank (0939) and the Industrial and Commercial Bank of China (1398) fell 1.2 percent. Bank of China (3988) declined 1.3 percent. In the mainland, the Shanghai Stock Exchange Composite Index went up 1.79 percent to 3,864 points, and the Shenzhen Stock Exchange Component Index climbed 4.81 percent to 14,264 points.