Hang Seng Tech Index falls over 2% as Asian tech selloff deepens

Hong Kong’s Hang Seng Tech Index slid 2.71% on June 8, closing at 4,755.91 points. The HSTECH, which tracks 30 major Hong Kong-listed technology companies, didn’t fall in isolation. The broader Hang Seng Index dropped 1.22% to 24,657 points, while the Hang Seng China Enterprises Index declined 1.13%. But tech bore the brunt.

AI and chip stocks led the bleeding

The worst performers were concentrated in artificial intelligence and semiconductor names. MiniMax-W fell over 8% in a single session. GigaDevice Semiconductor fell approximately 3.87%.

MiniMax is one of the AI companies recently tapped for inclusion in the HSTECH index, alongside peers like Zhipu AI.

The selloff traces back to a familiar cocktail of macro anxieties. In the US, disappointing earnings from major semiconductor firms, including Broadcom, triggered a pullback in the American tech sector. Adding fuel to the fire: rising oil prices tied to escalating geopolitical tensions between Iran and Israel. Markets are pricing in roughly a 70% probability of a US rate hike in 2026, which is a significant shift from the dovish expectations that dominated earlier in the year.

A persistent downtrend, not a one-day blip

The HSTECH has been in persistent decline for most of 2026. Year-to-date losses have exceeded 10%, and by some measures the index has fallen more than 30% from its October 2025 high.

What this means for crypto investors

The 70% implied probability of a Fed rate hike is the number to watch. Higher rates mean higher yields on safe assets like Treasuries, which compete directly with speculative investments for capital. When a 10-year Treasury offers a juicy yield, the opportunity cost of holding a non-yielding asset like Bitcoin goes up.

The HSTECH’s 30%-plus drawdown from its October high puts it in correction territory by any standard definition. The next catalyst to monitor is whether US tech earnings stabilize in the coming weeks. If more semiconductor and AI companies disappoint, the HSTECH’s year-to-date losses could easily extend into the 15-20% range.

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