Global Market: China stocks slide as tech sell-off hits mainland markets; Alibaba lifts Hong Kong shares

China's main benchmarks declined at midday trade with the Shanghai Composite falling 0.8% and CSI300 down 0.9%, led by a 2.5% drop in semiconductor shares following sharp losses in SK Hynix (down over 12%) and Samsung Electronics (down nearly 10%). In contrast, Hong Kong's Hang Seng rose 1.9% and its tech index gained 3.1%, with Alibaba jumping 4.8% after announcing its Qwen AI model would be integrated into Apple Intelligence services across Apple's devices in China. Goldman Sachs said it expects no policy rate or RRR cuts in China through the rest of 2026 under its baseline forecast.