On July 28, 2026, the Hang Seng Index rose 0.41% to close higher for a fourth straight session, while the Hang Seng Tech Index gained 0.61%. Large-cap Chinese tech stocks including Tencent Holdings, Alibaba, Meituan, JD.com, and NetEase advanced, offsetting downward pressure from the semiconductor sector. Xiaomi also provided a boost. According to market sources, Foxconn reportedly secured an AI server order from SpaceX valued at up to $52 billion, sending shares of Foxconn subsidiary FIH Mobile soaring as much as 9.56% intraday. However, semiconductor and AI-related sectors showed structural divergence. Hong Kong-listed semiconductor names faced heavy selling pressure; Kingboard Laminates plunged more than 10%, Gigadevice Semiconductor tumbled over 8%, and Yangtze Optical Fibre and Cable slumped 7%. This contrasted with the prior session on July 27, when Advanced Micro Optics had surged over 19% and Kingboard Laminates had gained more than 6%. AI large-language-model stocks also reversed, with MiniMax surging more than 17% on July 27 but sentiment turning negative the next day.