Hong Kong stocks slip as Beijing regulator summons tech firms on train-ticket complaints
Approaching Lunar New Year holiday also dampens investors’ enthusiasm for technology stocks, analyst says
The Hang Seng Index dropped 0.9 per cent to 27,032.54 at the close, ending a three-day streak of winning sessions. The Hang Seng Tech Index declined 1.7 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.1 per cent.
Food-delivery service provider Meituan declined 4.5 per cent to HK$84.85, and search-engine operator Baidu slid 2.9 per cent to HK$140.10. WeChat operator Tencent Holdings lost 2.3 per cent to HK$535.50, and online-game provider NetEase slid 4.1 per cent to HK$187. E-commerce major Alibaba Group Holding fell 0.9 per cent to HK$158.60, and peer JD.com slipped 1.3 per cent to HK$108.40.
Limiting losses, property developer Sun Hung Kai Properties climbed 2.9 per cent to HK$133.50, and gold miner Zijin Mining Group jumped 3.5 per cent to HK$45.02.
The losses in major tech firms came as Beijing’s regulator convened 12 leading platforms involved in online train ticket sales – including Trip.com, Meituan, JD.com, Didi, Tencent and several mapping service providers – in response to public complaints over add-on charges and misleading booking practices, according to state broadcaster CCTV.
The Hong Kong market will close after the morning session on Monday and remain closed until Friday for the Lunar New Year. Trading volume was light ahead of the holidays, as traders locked in profits before the break.