Hong Kong Stocks Extend Sell-Off; Meituan, JD.com Shares Slide 3%

MT Newswires Live11-25

Hong Kong stocks started the week on the back foot, extending losses from the previous week due to looming new export restrictions on China.

The Hang Seng Index shed 0.4%, or 78.98 points, to end at 19,150.99, the worst finish since Sept. 25. The Hang Seng China Enterprises Index likewise lost 0.4%, or 24.85 points, to 862.20.

The US is set to unveil new restrictions on exports to China later this week. The new regulations could see up to 200 Chinese chip companies added to a trade restriction list prohibiting the shipping of goods to the targeted firms, The Guardian reported.

Meanwhile, China launched a three-month campaign to tackle algorithm issues on online platforms. The move marks Beijing's latest effort to rein in the influence of Big Tech firms in shaping online views and opinions, according to the South China Morning Post.

Tech firms retreated following news of the campaign. Shares of Meituan (HKG:3690) and JD.com (HKG:9618) both closed 3.1% lower on Monday.

In other corporate news, Glorious Property Holdings (HKG:0845) was issued a winding-up petition for alleged non-payment of dues. The company's shares fell 8% at closing.

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