Tencent Drops 7% in Worst Day Since April 2025, Dragging Hang Seng Tech Down 3%腾讯单日暴跌7%创逾一年最大跌幅，港股科技指数重挫3%

Tencent Holdings closed Wednesday at HK$440.60, down 7.05% — its sharpest single-day decline since April 2025 — on turnover of nearly HK$29.8 billion, roughly one-tenth of the entire Hong Kong market's daily volume. NetEase fell 7.39%, Kuaishou dropped more than 6%, and Alibaba and JD.com each lost over 3%, pulling the Hang Seng Tech Index down 3.04% to 4,668 points.

Three forces converged. Traders cited fears that Tencent's mobile gaming revenue may have declined in the June quarter ahead of its August 12 results disclosure. Separately, HKEX rules bar companies from buying back shares within 30 days of a board results meeting — Tencent's last buyback was July 9, removing a key price-support mechanism. Mutual fund Q2 disclosures, published the same day, revealed substantial second-quarter selling of internet names.

The sell-off exposed a bifurcation: mainland STAR50 AI-semiconductor stocks rose on the same day, with chip names gaining 3.4%, as capital rotated away from gaming and consumer internet toward AI infrastructure plays. Morningstar's Ivan Su noted the drop was not driven by fundamental deterioration, but the pattern of fund outflows is now a documented Q2 fact.