China's stock markets have experienced a significant cooling off after a recent surge, as authorities failed to deliver the anticipated stimulus measures to support the economy. The Hang Seng Index in Hong Kong plunged over 9%, reflecting widespread investor disappointment. Major Chinese stocks, including Alibaba, Tencent, JD.com, and Baidu, saw declines exceeding 8% following Beijing's underwhelming economic rescue plans. This abrupt reversal has led to a general retreat in Asia-Pacific markets, with China's earlier euphoria giving way to concerns over the lack of substantial fiscal initiatives. As investors digest these developments, the overall sentiment remains cautious amid fears of a prolonged market downturn.