9988.HK is trading 3.2% down at $99.60 following a weak session for Chinese tech stocks and persistent concerns regarding China's regulatory and macro environment.
- Investors remain cautious due to elevated spending on AI and cloud initiatives, which may weigh on the company's near-term profitability.
- Broader risk-off sentiment in Chinese equities is being exacerbated by headlines surrounding U.S. military-company designations.