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Hong Kong Stocks Close Lower; Topsports, Pou Sheng Slide on Nike Move

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Hong Kong stocks ended lower Wednesday as investors awaited earnings from major U.S. technology companies, while renewed trade concerns weighed on sentiment.

The Hang Seng Index fell 239.63 points, or 1%, to close at 24,892.66, while the Hang Seng China Enterprises Index lost 109.61 points, or 1.3%, to finish at 8,251.07.

Investors looked ahead to quarterly results from Alphabet and Tesla, with the reports expected to test whether AI-driven valuations can withstand heightened scrutiny after recent volatility in global technology stocks.

Markets also monitored U.S. trade policy after President Donald Trump said imported generic drugs would remain tariff-free for two years from Aug. 1 before facing a 100% tariff for one year and a 200% tariff thereafter.

In corporate news, Topsports International (HKG:6110) fell over 24%, and Pou Sheng International (HKG:3813) lost nearly 9% after reports that Nike will stop selling its products online through key Chinese retailers from January, shifting instead to its branded storefronts.

Meanwhile, Zhongji Innolight (HKG:3308, SHE:300308) is seeking to raise up to HK$55.1 billion in Hong Kong's largest share sale since Alibaba's 2019 listing.

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