Hong Kong stock market closed lower. The Hang Seng Index (HSI) fell by 0.88%, the Hang Seng China Enterprises Index (HSCEI) decreased by 0.75%, the Hang Seng Tech Index (HSTECH) dropped by 1.45%, while the Hang Seng China-Affiliated Corporations Index (HSCCI) slightly increased by 0.03%.
TENCENT fell by 1.02%. Despite the overall market downturn, Tencent attracted bullish capital, with HKD 6.3 million deployed in long positions.
BABA-W dropped by 1.63%. Alibaba is reportedly in talks with Intime Department Store to sell its related shares to Youngor, a leading company in the textile and apparel industry.
XIAOMI-W decreased by 3.19%. According to third-party statistics, Xiaomi's air conditioner sales from January to November increased by 53% year-on-year. However, Gree Electric's chairman, Dong Mingzhu, revealed in an interview that Xiaomi recently paid Gree CNY 500,000 for patent infringement.
China’s retail sales growth unexpectedly weakened in November, highlighting the urgency for Beijing to further encourage residents to spend.
Retail sales rose 3 per cent in November from a year earlier, missing analysts’ estimate of 5.3 per cent growth and down from the 4.8 per cent growth in October, according to official data released on Monday. Property investment fell 10.4 per cent from January to November, compared with the 10.3 per cent fall in the first 10 months of the year.
Property investment fell 10.4% in the period, slightly worsening from a slump of 10.3% in the first 10 months, suggesting still subdued confidence among developers despite an initial recovery in housing sales and easing price declines.
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