Hong Kong shares close down as tech, property weigh

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Nov 18 (Businesshala) – Hong Kong shares ended Thursday, under pressure by tech groups, ahead of earnings amid regulatory concerns, while real estate developers fell on liquidity troubles.

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The Hang Seng index fell 1.3% to 25,319.72, while the China Enterprises index fell 1.7% to 9,036.04.

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**Hong Kong-listed tech companies fell 3%, their biggest intraday fall since October 27.

**The Alibaba group fell 5.3% ahead of the day’s results, while Meituan dropped 2.5%.

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** Alibaba’s Singles Day sales grew at their slowest pace ever, underscoring strong regulatory and supply chain headwinds for China’s tech companies.

** Analysts said expectations are low for Alibaba and earnings won’t be the stock’s driver.

** What matters now is whether regulatory tightening is coming to an end, otherwise any positive movement in the sector is not sustainable, analysts said.

** Mainland real estate developers listed in Hong Kong fell 2.4% amid concerns over liquidity issues in the sector, with developers stepping up financing efforts.

** China Evergrande Group said it is selling its entire stake in Hengten Network Holdings for HK$2.13 billion ($273.5 million), while Country Garden Services raised HK$8 billion ($1 billion) from the sale of 150 million new shares Huh.

**Evergrande and Country Garden Holdings each fell more than 5%, while film and television streaming company Hengten Network Holdings rose about 25%.

** Healthcare firms lost 1.8%.

Reporting by Shanghai Newsroom. Editing by Jane Merriman


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