Global bond market sell-off intensified, with the US 10-year government bond yield rising to a new high for 2023 on Wednesday. Geopolitical conflicts in the Middle East pushed oil prices higher, leading investors to increase bets on a September US interest rate hike, dragging down market sentiment. On Wednesday's close, China's CSI 300 Index fell 1.7%, the Shanghai Composite Index dropped 1.2%, and the Shenzhen Component Index declined 1.45%. Hong Kong's Hang Seng Index was largely flat, while the Hang Seng Tech Index fell 0.7%. Fast fashion retailer Shein performed poorly after its listing on HKEX, with its stock price falling another 5% on Wednesday after a lackluster debut on the previous trading day. AI-related and supply chain stocks saw the largest declines, with Zhongji Innolight falling 4% in both A-shares and Hong Kong shares.