Global Market: Chinese stocks advance on AI, chip rally; Hong Kong shares slip

Chinese mainland equities advanced on AI and semiconductor strength, with the CSI300 up 0.7% and the STAR50 gaining 1.5%, while semiconductor shares surged 3.4%. Hong Kong shares slipped, with the Hang Seng falling 0.8% and tech giants like Tencent dropping nearly 6% on sector-wide weakness of 2.1%. UBS noted improving earnings outlook for A-shares and suggested the recent deleveraging cycle in Chinese equities is largely complete.