Hong Kong stocks slide after Xi-Trump meeting yields few surprises

Market Overview - Hong Kong stocks experienced a decline, with the Hang Seng Index falling 0.2% to 26,282.69, reversing earlier gains that had reached 0.9% [1] - The Hang Seng Tech Index also dropped by 0.7% [1] - On the mainland, the CSI 300 Index decreased by 0.8% and the Shanghai Composite Index lost 0.7% [2] Company Performance - Sunny Optical Technology Group's stock fell by 4.8% to HK$76.95, while Budweiser Brewing also saw a decline of 4.8% to HK$8 [3] - Biotech firm Wuxi AppTec retreated by 3.7% to HK$108.50 following a major shareholder's announcement to sell a stake on the Shanghai exchange [3] - In contrast, Meituan's stock advanced by 2.4% to HK$102.40 due to a plan to sell US$3 billion of dual-currency notes [3] Geopolitical Impact - The meeting between Chinese President Xi Jinping and US President Donald Trump resulted in a tariff truce that was largely anticipated by the market [4] - Key outcomes included China delaying a curb on rare earth exports and resuming purchases of American soybeans, while the US would extend a pause on reciprocal tariffs for an additional year [5] - Analysts noted that the results of the meeting were in line with a preliminary agreement previously reached, which had already been factored into market expectations [6]