Hong Kong stocks end at 14-month low as tech giants weigh

Hong Kong shares closed at a fourteen-month month low on Monday, dragged by tech giants that tracked losses on Wall Street, while China Evergrande Group hit a record low after saying it could not guarantee enough funds for repaying debts.

Hong Kong shares closed at a fourteen-month month low on Monday, dragged by tech giants that tracked losses on Wall Street, while China Evergrande Group hit a record low after saying it could not guarantee enough funds for repaying debts. The Hang Seng index ended 1.8% lower at 23,349.38, while the China Enterprises Index lost 2.1%, to 8,274.77.

** The Hang Seng Tech Index plunged 3.3%, extending losses on a Wall Street slide after ride-hailing giant Didi Global Inc decided to delist from the New York Stock Exchange. ** The U.S. Securities and Exchange Commission said last week Chinese companies listing on U.S. stock exchanges must disclose whether they are owned or controlled by a government entity, and provide evidence of their auditing inspections.

** Nomura analysts said these amendments may reduce capital inflow into China's tech and internet sectors. ** Alibaba Group fell 5.6% to a record low after it said it will reorganise its international and domestic e-commerce businesses and would appoint a new chief financial officer.

** China's Guangdong province summoned last week the chairman of Evergrande after the developer said there was "no guarantee" it would have enough funds to meet debt repayments. ** Shares of Evergrande slumped nearly 20%.

** Chinese authorities said Evergrande's problem was mainly caused by its own mismanagement and break-neck expansion, and its issue would not affect the industry's normal operations. ** "Evergrande's disclosures and the ensuing government statements were well coordinated, pointing to formal beginning of Evergrande's debt restructuring," Nomura said in a note.

** "The confident tone of regulators was aimed to calm markets, but might also deliver the message that Beijing will keep most of its property curbs in place for a longer while." ** Healthcare and consumer discretionary shares tumbled 5.8% and 4.1%, respectively.

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