The Hang Seng Index fell 1.1%, or 260 points, to 25,307 at Tuesday’s open as renewed US-Iran tensions pushed oil prices higher and revived concerns about inflation and further monetary tightening. Brent crude extended its advance as the latest escalation increased risks of prolonged disruptions to energy flows through the Strait of Hormuz. The decline came despite improved Chinese manufacturing data: the RatingDog Manufacturing PMI (purchasing managers’ index) rose to 51.5 in August from 50.9 in July, indicating stronger expansion in private-sector factory activity. Shein’s long-awaited Hong Kong debut also weighed on sentiment, with shares falling more than 9% shortly after trading began. The company raised HK$13.6 billion in its IPO (initial public offering) at HK$48.56 per share, giving it a valuation of about US$26.5 billion. Renewed weakness in China’s property sector added to pressure, while Tencent fell 2.1%, AIA dropped 0.2%, Kingboard Laminates declined 2.9% and Meituan eased 1.1%.