Hong Kong Stocks Fall Further Led by Tencent, Xiaomi as U.S. Labels Dozens of Chinese Companies as Military Entities

MT Newswires Live01-07 16:58

Hong Kong stocks fell further than yesterday after Chinese tech stocks suffered a hit when the U.S. dragged dozens of Chinese companies into a list of military entities.

The Hang Seng Index fell 1.22%, or 240.71 points, to close at 19,447.58 on Tuesday. The Hang Seng China Enterprises Index fell 1.20%, or 85.77 points, to end at 7,049.71.

U.S.A. categorized Tencent (HKG:0700) along with Contemporary Amperex Technology as Chinese military entities, resulting in heightened geo-political tensions. The move made Tencent close nearly 8% lower on Tuesday.

In market News, Tencent (HKG:0700) closed nearly 8% lower on Tuesday, followed by Xiaomi (HKG:1810) closing over 6% lower. Meituan (HKG:3690), Alibaba Group (HKG:9988), and Ping An Insurance (Group) (HKG:2318, SHA:601318) all closed in red.

In corporate news, CMOC Group's (HKG:3993, SHA:603993) output volume for most of its major products grew year on year in 2024 with the shares of the company closing over 4% higher on Tuesday.

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