Chinese Tech, Chip Stocks Slide as U.S. Yields Surge
Chinese technology and semiconductor equities listed in Hong Kong and mainland China experienced renewed selling pressure on Thursday, driven by a sharp overnight rise in U.S. Treasury yields that lifted discount rates applied to future corporate earnings.
The Shanghai‑Shenzhen CSI 300 index slipped nearly 1% by 02:26 GMT, while Hong Kong’s Hang Seng index fell 0.5% after a 1% decline in the previous session. The broader market weakness was linked to U.S. Treasury yields reaching levels not seen since 2007. The 10‑year Treasury yield rose above 5%, trading around 5.12% on the day, the 2‑year yield climbed toward 4.9%, and the 30‑year yield moved above 5.4%.
Equity moves among the most‑affected Chinese tech and chip names were as follows:
- Baidu Ltd (HK:9888) declined approximately 2% (ticker list shows -2.87%).
- Tencent Holdings Ltd (HK:0700) slipped about 1% (ticker list shows -1.54%).
- Semiconductor Manufacturing International Corp (HK:0981) fell nearly 2% (ticker list shows -1.41%).
- Hua Hong Semiconductor Ltd (HK:1347) dropped 3.6% (ticker list shows -3.50%).
- CXMT Corp (SS:688825) declined more than 2% (ticker list shows -3.48%).
- Z.AI (Zhipu AI) (HK:2513) traded 1% lower (ticker list shows -4.23%).
- Alibaba Group Holding Ltd (US‑listed) fell 4.7% (ticker list shows -4.74%).
- Baidu’s U.S.‑listed shares were down 2.9%.
- JD.com Inc (US‑listed) lost 0.8%.
The article also listed ticker‑level percentage changes for several symbols, reinforcing the breadth of the sell‑off: BIDU –2.87%, 0981 –1.41%, 0700 –1.54%, JD –0.80%, CSI300 –1.32%, BABA –4.74%, 1347 –3.50%, TNX +0.10%, TYX +1.85%, 2513 –4.23%, 688825 –3.48%.
Higher U.S. yields increase the discount rate used in valuation models, disproportionately affecting richly‑valued growth and AI‑related stocks, which explains the pronounced weakness across the Chinese technology sector.