What factors contributed to the decline in Chinese tech stocks?

Chinese tech stocks experienced a decline due to a combination of weak earnings reports and pessimism surrounding China's economic outlook. The Hang Seng tech index, which tracks major Chinese tech companies listed in Hong Kong, fell by 2.6%.

Notable companies that faced declines include health tech groups JD Health International and Alibaba Health Information, which dropped by 9.4% and 7.4% respectively. Lenovo, the world's largest producer of personal computers, saw a decrease of 3.9%, while electric vehicle manufacturer Xpeng experienced a decline of 6%.

This downward trend in tech stocks followed disappointing earnings releases within the sector and was further exacerbated by unfavorable economic data from China.

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