The Hang Seng Technology Index has experienced a maximum drawdown of over 20% in this round, with concerns such as AI bubble being important factors.

Since October 2025, the Hang Seng Technology Index has reversed its upward trend and turned downwards. Compared to its peak, the maximum retracement has exceeded 20%. Several leading Hong Kong-listed internet companies, which are important components of the Hang Seng Technology Index, have also been under pressure on their stock prices since then, entering a downward channel. Many analysts point out that concerns about AI bubble, profit-taking pressure at high levels, and the repeated issuance of "short essays" are important factors causing the decline in the Hang Seng Technology Index and internet leaders' stock prices. The giants should abandon the old mindset of "burning money for scale and traffic" and instead improve business efficiency and deepen industrial value through technological investment, moving towards "quality-driven growth".