Hong Kong stocks closed mixed on August 13 as earnings reports and AI-related developments drove sharp divergence across sectors. The Hang Seng Index fell 43.66 points, or 0.17%, to 25,396.51, while the Hang Seng Tech Index rose 15.95 points, or 0.33%, to 4,792.39. The Hang Seng China Enterprises Index slipped 19.78 points, or 0.23%, to 8,426.49, and the Red Chip Index dropped 66.9 points, or 1.61%, to 4,089.2. Turnover rose to HK$263.71 billion from HK$216.78 billion in the previous session. Lenovo led the market after reporting a 176% year-over-year rise in adjusted net profit for the April-June quarter to $1.075 billion, its first quarterly profit above $1 billion, and disclosing an AI server order backlog of $54 billion. Its shares hit a record intraday high before closing up 20.18% at HK$34.90, lifting its market capitalization above HK$430 billion. Tencent fell 4.46% after its earnings, with investors concerned that heavier AI spending could weigh on near-term profitability, while Xiaomi, Kuaishou, Alibaba and Meituan also traded lower. Elsewhere, Tingyi, CK Infrastructure, Power Assets and Galaxy Entertainment gained after earnings-related catalysts, while Zhipu and MiniMax advanced among AI-linked names. Metals, solar and mining stocks declined sharply, and property shares weakened as investors remained cautious on the sector's recovery outlook. China International Capital Corporation said the Hang Seng Index's valuation has recovered to its 10-year average, while the Hang Seng Tech Index remains relatively depressed, with market focus shifting to whether AI can deliver commercially in physical-space and robotics applications.