Hong Kong stocks opened lower, with the Hang Seng Index declining 0.53%, or 128 points, to 24,151, while the Hang Seng Tech Index fell 0.91%. Morning session turnover in Hong Kong reached HK$51.7 billion.

The failure of ArriVent's global Phase III trial for firmonertinib sparked a sharp sell-off in the company's U.S.-listed shares, triggering a broad pullback across the Hong Kong pharmaceutical sector. The Hang Seng Biotech Index dropped 2.73%, and the Hang Seng Innovative Drug Index declined 2.21%. GenScript Biotech Corporation (01548) plunged more than 13%, while JOINN Laboratories (06127) fell over 7%.

Benmo Technology (06731) rose more than 5% again, as the company partners with China Rare Earth Science and Technology Innovation to deepen the integration of rare earth new materials with the robotics industry. Alebund Pharmaceuticals-B (09637) gained 6%, with institutional analysts noting that AP308 is expected to unlock a broader IgA nephropathy market.

Weichai Power (02338) climbed over 5%, as its AIDC business is expected to drive mid-term earnings growth and valuation enhancement. CGN Mining (01164) advanced more than 5% after Google reached an 890-megawatt nuclear power installation agreement with Constellation Energy. Dajin Heavy Industry (01081) rose over 5%, with improved visibility for future order recovery in Europe's offshore wind supply chain. Chervon Holdings (02285) gained more than 4% again, following a series of high-profile senior management appointments, with Daiwa optimistic about the company's new executive team.

AI hardware stocks led the declines. As cloud providers exhaust their cash flows, the market is focused on the sustainability of future capital expenditures. GigaDevice Semiconductor (03986) fell 3%, while Montage Technology (06809) dropped 6%.