Hong Kong stocks snap 4-day winning streak as Chinese tech giants falter
Online travel-booking agency Trip.com slumps 19 per cent after China opens antitrust probe into the company
The Hang Seng Index closed 0.3 per cent lower at 26,923.62, after jumping as much as 0.8 per cent to briefly hit its highest level since October 2. The Hang Seng Tech Index fell 1.4 per cent. On the mainland, the CSI 300 Index added 0.2 per cent, while the Shanghai Composite Index dropped 0.3 per cent.
Online travel-booking agency Trip.com slumped 19.2 per cent to HK$460 after China launched an antitrust investigation into the company. Online-game provider NetEase slid 3.2 per cent to HK$213.40, while WeChat operator Tencent Holdings dropped 1.7 per cent to HK$622 and short-video platform Kuaishou Technology declined 2.9 per cent to HK$79.55.
E-commerce giant Alibaba Group Holding fell 2.6 per cent to HK$164.60, paring gains of as much as 0.7 per cent, as investors booked profit following its Qwen AI product launch, which fell short of some investors’ expectations. The stock had surged more than 18 per cent in the previous four trading sessions.
Electric-car maker BYD advanced 1.5 per cent to HK$99.10, while chipmaker SMIC added 1.8 per cent to HK$77.35 and developer Sun Hung Kai Properties rose 2.2 per cent to HK$111.10.