HONG KONG: 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 US Securities and Exchange Commission said last week Chinese companies listing on US 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.
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