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Markets

Hong Kong stocks fall as techs weigh over Didi app takedown; China mixed

  • The mixed performance came after major indexes on Friday fell the most in four months amid growth concerns
Published July 5, 2021
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SHANGHAI: Hong Kong stocks fell on Monday, as tech firms slumped amid concerns over Beijing's crackdown on ride-hailing giant Didi Global and scrutiny of other Chinese platform companies.

** The Hang Seng index dropped 0.5%, to 28,181.72 points, while the Hong Kong China Enterprises Index lost 1.1%, to 10,297.63.

** The Hang Seng tech index dropped 2.2% to its lowest since mid-May.

** Tencent slumped 3.9%, Alibaba shed 2.4%, while JD.com , Baidu and Meituan retreated between 3.1% and 5.5%.

** China's biggest ride-hailing firm Didi Global Inc said on Sunday that the removal of its "DiDi Chuxing" app from smartphone app stores in China is expected to have an adverse impact on its revenue.

** Earlier on Sunday, China's cyberspace regulator ordered app stores to stop offering Didi's app after finding that the company had illegally collected users' personal data.

** On Monday, China's cyberspace watchdog said it is investigating online recruiter Zhipin.com, and truck-hailing apps Huochebang and Yunmanman, ramping up a crackdown on the mainland's tech companies amid tightened regulations on data security.

** On the mainland, China stocks stabilized on Monday, following a slump in the previous session, even as investors reacted to the country's latest services data.

** The CSI300 index fell 0.2%, to 5,072.12 points at the end of the morning session, while the Shanghai Composite Index gained 0.2%, to 3,524.30 points.

** The mixed performance came after major indexes on Friday fell the most in four months amid growth concerns.

** "Most of (China's) broad-based indices and industry indices now stand at the end of a rising trend, and the stock rally since the first quarter could have ended, leading to a potential correction going forward," Essence Securities notes in a report.

** A private survey showed on Monday growth in China's services sector slowed sharply in June to a 14-month low, weighed down by a resurgence of COVID-19 cases in southern China, adding to concerns the world's second-largest economy may be starting to lose some momentum.

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