Hang Seng Index drops 14% as Sands China, SMIC, and BYD lead declines

The Hang Seng Index fell to 23,963 on Thursday, its lowest level since July 8, and is down over 14% from its 2026 high, trailing global peers as the S&P 500 hits record highs. Major Hong Kong stocks have dropped sharply in the past 30 days, including Sands China (down 20%), Laopu Gold (down 18%), and Haidilao (down 18%). Semiconductor maker SMIC fell 15% in 30 days and 31% in three months despite the AI boom. The index remains below its 50 and 100-day exponential moving averages, with the ADX at 20.75, suggesting further downside toward 23,000. EV makers BYD and Li Auto also declined amid sector competition and high costs.