Hong Kong stocks were little changed to slightly higher across volatile trading on Tuesday and Wednesday morning as selective buying in heavyweight technology names offset broader weakness tied to softer U.S. markets, Middle East tensions and a busy earnings season. On Tuesday, the Hang Seng Index closed up 17 points, or 0.07%, at 25,471 after falling more than 200 points intraday, while the Hang Seng China Enterprises Index rose 0.16% to 8,453 and the Hang Seng Tech Index fell 0.9% to 4,739. By Wednesday's midday close, after opening 124 points lower, the Hang Seng Index was up 62 points, or 0.2%, at 25,533, the Hang Seng China Enterprises Index gained 0.6% to 8,505 and the Hang Seng Tech Index slipped 0.8% to 4,700. Tuesday's rebound was led by Alibaba-W, which rose 3.68% on HK$15.11 billion in turnover, the highest on the Hong Kong exchange that day, while Wednesday morning's support came from Xiaomi, whose shares jumped 7% to HK$28 after it reported second-quarter adjusted profit of CNY 6.22 billion on revenue of CNY 108.92 billion. Xiaomi's profit fell 42.6% year over year and missed expectations, but revenue slightly beat estimates, and Group President Lu Weibing said memory chip price increases should moderate even as prices remain on an upward path. Short-selling in Xiaomi reached HK$1.75 billion, or 37.6% of turnover. The broader technology picture remained mixed to weak. On Wednesday morning, Meituan rose 3.1% and Tencent added 1.1%, but Alibaba fell 0.9% and Baidu plunged 11.8% after reporting lower second-quarter revenue and profit despite saying AI cloud should remain strong or improve in the second half. China Unicom dropped 7.8% after first-half profit fell 34.6% and it declared no interim dividend. On Tuesday, AI-related names including Zhipu and MINIMAX-W sold off sharply, while chip stocks such as Hua Hong Semiconductor, Kingboard Laminates and Lenovo also came under pressure. Analysts and market participants said stock moves in Hong Kong are being driven increasingly by company-specific earnings results rather than by broad index trends.