At the Hong Kong stock market's midday close, the Hang Seng Index fell 1.01%, while the Hang Seng Tech Index dropped 1.65%. In terms of sector performance, innovative pharmaceuticals, batteries, rare earths, non-ferrous metals, and the restaurant sector led the gains, while film and entertainment, short-video concepts, automobiles, mobile games, and the oil sector saw the steepest declines.Tigermed (03347.HK) rose nearly 6%, while Jinli Permanent Magnet (06680.HK) and Luoyang Molybdenum (03993.HK) each gained over 5%, and Nine Miao Nine (09922.HK) rose over 4%.WuXi AppTec (02359.HK), Hansoh Pharmaceutical (03692.HK), and Huahong Semiconductor (01347.HK) rose more than 3%;NetEase Cloud Music (09899.HK) fell more than 6%, Alibaba (09988.HK) fell more than 4%, and PetroChina (00857.HK), NIO (09866.HK), and BYD (01211.HK) fell more than 3%. Baidu (09888.HK) rallied briefly and turned positive for the day. In related news, Kunlun Chip, an AI chip company under Baidu, plans to raise up to $2 billion through an IPO in Hong Kong.