Hong Kong stocks fall as tech giants slump; China shares down

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SHANGHAI, Nov 18 (Businesshala) – Hong Kong shares, dragged by Tencent and Meituan amid regulatory concerns, fell on Thursday, while China shares fell led by media and healthcare firms.

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** The Hang Seng index fell 1.4% to 25,305.07, while the Hong Kong China Enterprises index fell 1.8% to 9,032.22.

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** The CSI300 index fell 0.6% to 4,854.43 at the end of the morning session, while the Shanghai Composite Index fell 0.1% to 3,532.81.

**The Hong Kong-listed tech giant dropped 3%, their biggest intraday drop since October 27.

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**The Alibaba group fell about 5% ahead of the day’s results, while Meituan dropped 3.2%. Both the index heavyweights together pulled the Hang Seng Index down by 181 points.

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

** 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 and healthcare firms listed in Hong Kong lost 2.2% and 1.6%, respectively.

** In mainland China markets, media companies led by shares belonging to the Metaverse lost 2.8% when the state media People’s Daily published an article urging people to think rationally on the Metaverse.

** Real estate developers and healthcare firms each fell by over 1.4%.

**Coal shares rose 1.6%. State broadcaster CCTV said on Wednesday that China would set up a 200 billion yuan ($31.35 billion) special relief facility to support clean use of coal. (Reporting by Shanghai Newsroom; Editing by Shaunak Dasgupta)


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