$CCTC(06951.HK) fell by -14%, $DTECH(01377.HK) saw a nearly identical decline, while $FIT HON TENG(06088.HK) and $SICC(02631.HK) both dropped by 11 to 12 points. The entire batch of Hong Kong stock semiconductor manufacturing stocks was sold off.

Ceramic electronic components, PCB drill consumables, precision connectors, and silicon carbide substrates occupy very different positions in the industry chain, yet their declines were almost identical, largely ruling out company-specific reasons.

The trigger remains the global chip sell-off during Asian trading hours, with KOSPI hitting circuit breakers and the Bloomberg Asia Semiconductor Stock Index dropping as much as 7.5% intraday. A common trait among these targets is that their valuations are propped up by expectations of capacity expansion related to AI. Once the sustainability of capital expenditure is questioned, those priced more heavily on expectations will be cut first. True divergence will only emerge with the interim reports, depending on whose orders can be realized.