Tech giants drag Hong Kong shares lower

** Investors have become more wary of results from tech giants, with Alibaba Group slumping more than 10% last week on their disappointing earnings, heightening worries about Beijing's broad regulatory crackdown. ** Separately, China's market regulator on Saturday said it was fining companies including Alibaba, Baidu and JD.com for failing to declare 43 deals that date as far back as 2012 to authorities, saying that they violated anti-monopoly legislation.


Reuters | Hong Kong | Updated: 22-11-2021 14:32 IST | Created: 22-11-2021 14:28 IST
Tech giants drag Hong Kong shares lower
Representative Image. Image Credit: Pixabay
  • Country:
  • China

Hong Kong shares finished down on Monday as tech giants weighed, with Meituan dragging down the benchmark index ahead of its earnings later this week. The Hang Seng index fell 0.4%, to 24,951.34, while the China Enterprises Index lost 0.5%, to 8,929.78 points.

** Food delivery giant Meituan dropped 2.4% ahead of its third-quarter earnings results to be released this Friday, dragging the Hang Seng Index down 57 points. ** Investors have become warier of results from tech giants, with Alibaba Group slumping more than 10% last week on their disappointing earnings, heightening worries about Beijing's broad regulatory crackdown.

** Separately, China's market regulator on Saturday said it was fining companies including Alibaba, Baidu, and JD.com for failing to declare 43 deals that date as far back as 2012 to authorities, saying that they violated anti-monopoly legislation. ** The Hang Seng Tech Index dropped 0.7%, while consumer staples and healthcare firms lost more than 1.5% each.

** China Resources Beer, ENN Energy, JD.COM, and Netease rose on news that they would be added to the Hang Seng Index.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback