According to the Securities Times app, network technology stocks widened their afternoon declines, dragging the Hang Seng Tech Index down by over 3%. As of the time of publication, Alibaba-W (09988) fell by 3.4% to HK$90.9; Tencent (00700) dropped by 1.89% to HK$405.4; Kingsoft (03888) decreased by 5.2% to HK$29.15.

On the news front, on November 12, the offshore renminbi exchange rate against the US dollar consecutively fell below the significant levels of 7.23 and 7.24 during intraday trading, once again hitting a new low since early August. The USD reached a high of 106.65 on November 12, marking a four-month high since early July. Zhongtai International pointed out that Trump's re-election, the inclination towards trade protectionism, raised Hong Kong stocks' risk premium. Strong inflation policy also led to the continued strong performance of the USD index and US bond yields, further putting pressure on Hong Kong stocks' liquidity and valuation expansion.

It is worth noting that several internet leaders will be reporting their performance this week. Goldman Sachs released a research report stating that they anticipate internet giants' third-quarter revenues to meet expectations. Investors will focus on the fourth-quarter guidance due to policy changes in mainland China at the end of September, recent consumption trends comments from management, advancements in advertising technology, growth in artificial intelligence (AI) cloud, capital expenditure investments, how companies are responding to potential US cross-border business tariffs, and any updates related to shareholder return policies.