Hong Kong stocks drop on Didi delisting; China shares rise

** For the week, the CSI300 index edged up 0.3%, while the Hang Seng index lost 1.9%. ** Didi Global said it will delist from the New York stock exchange and pursue a listing in Hong Kong, succumbing to pressure from Chinese regulators concerned about data security.

Hong Kong stocks fell on Friday as the delisting of ride-hailing giant Didi from New York spooked investors and stoked a sell-off in tech giants, while consumer staples helped China shares rise. The CSI300 index rose 0.4% to 4,872.97 by the end of the morning session, while the Shanghai Composite Index gained 0.6% to 3,594.64.

The Hang Seng index dropped 0.7% to 23,612.43. The Hong Kong China Enterprises Index lost 1.2% to 8,404.87. ** For the week, the CSI300 index edged up 0.3%, while the Hang Seng index lost 1.9%.

** Didi Global said it will delist from the New York stock exchange and pursue a listing in Hong Kong, succumbing to pressure from Chinese regulators concerned about data security. ** Following the announcement, tech firms listed in Hong Kong slumped more than 2%.

** "This event makes the market believe that the current industry supervision of technology stocks in the mainland will continue," said Kenny Ng, a securities strategist at Everbright Sun Hung Kai in Hong Kong. ** "The decline in the prices of technology stocks listed in Hong Kong today also reflects this factor."

** Alibaba Group and Bilibili Inc fell 4.6% and 7%, respectively, hitting their record lows. ** Tencent dropped 2.9%, while Meituan lost 4.5%.

** Property developer China Aoyuan Group slumped 16.8% after the developer warned shareholders that it may be unable to pay up a $651.2 million debt due to a liquidity crunch. ** Activity in China's services sector expanded at a slower pace in November amid rising inflationary pressures and continuing small-scale COVID-19 outbreaks, a private survey showed.

** In mainland markets, consumer staples rose 2.1%, while liquor makers jumped 2.8%. ** Semiconductors and utilities gained around 2.1% each, while coal miners surged 3.2%.

 

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