Chinese technology stocks listed in Hong Kong were broadly weaker on Tuesday (3 Feb), following concerns that the sector could face higher value‑added tax after the government raised VAT rates for domestic telecommunications companies.
$KUAISHOU-W(01024)$ closed down 4.61%, after falling as much as 7.7% intraday. Correspondingly, the Kuaishou 5x Short DLC rose about 21%, while the $Kuaisho 5xLongSG261217(VLLW.SI)$ declined by a similar magnitude, in line with the underlying price movement.
Other major tech names also recorded losses, with $BIDU-SW(09888)$ ,$TENCENT(00700)$ , $BILIBILI-W(09626)$ , and $BABA-W(09988)$ declining approximately 3.6%, 2.9%, 2.5%, and 1.4% respectively.
Meanwhile, the $HSTECH(HSTECH)$ reversed earlier gains to end the session down about 1.1%, after dropping as much as 3.4% intraday. The index briefly extended its decline to around 20% from its October peak, placing it near the threshold commonly used to define a bear‑market move. Tracking the index, the $HSTECH 7xShortSG270309(9B2W.SI)$ rose more than 7%, while the $HSTECH 7xLongSG270331(YPCW.SI)$ fell about the same amount.
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