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Hong Kong & China Markets Head Lower, Tech Stocks Worst Performers

ASIA STOCKS

The Hong Kong and China markets are experiencing declines today, Hong Kong markets are performing worse than China onshore equities with markets concerned about economic recovery and geopolitical tensions persist. The Shanghai Stock Exchange Composite Index fell below the 3,000-point level for the first time since March, impacted by Beijing’s reluctance to implement further stimulus and stringent regulatory policies. Additionally, reports of Canada potentially boosting tariffs on Chinese electric vehicles added to the market headwinds.

  • Hong Kong equities are lower across the board today with tech stocks the worst performing following a sell-off in US semiconductor stocks over night, the HSTECH Index is down 2.15%, property isn't trading much better with the Mainland Property Index down 1.23%, while the HS Property Index is down 1.25%, the wider HSI is off 1.71%.
  • China onshore equities are also lower today with the CSI 300 Index down 0.60%. Small-cap indices also fell but holding up better than other parts of the market, with the CSI 1000 down 0.15% and the CSI 2000 down 0.26%.
  • Property space, Chinese developer Road King Infrastructure is facing potential default unless investors agree to its proposed bond buyback at discounted rates and extend repayment terms for other debts. The company warned that failure to secure these measures could lead to payment defaults, highlighting ongoing liquidity challenges in China's property sector despite government support efforts. China Vanke plans to raise approximately 1 billion yuan by listing its long-term rental business, Boyu, through a real estate investment trust (REIT) in China. This move is part of Vanke's efforts to enhance liquidity amid ongoing financial challenges, including exploring asset sales and securing a large bank loan to avoid potential defaults in the property sector crisis.
  • Looking ahead to next week and it is a light calendar for China, while Hong Kong has trade balance data on Tuesday
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