Hong Kong Stocks Tumble on Tech Losses Amid Report Walmart to Dump JD.com Shares

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Hong Kong Stocks Tumble on Tech Losses Amid Report Walmart to Dump JD.com Shares

South China Morning Post08-21

Hong Kong stocks tumbled on speculation foreign investors are dumping Chinese tech stocks amid concerns about the earnings and economic outlook, while a report showed more hedge funds are closing ...

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The Tech Index tumbled 2 per cent.E-commerce platform JD.com tumbled 10 per cent to HK$100.40. US retailer Walmart Inc is seeking as much as US$3.74 billion to sell its holding of 144.5 million of US-listed shares in the Chinese e-commerce platform operator at a discount to market price, Bloomberg reported on Wednesday, citing people familiar with the matter.Other Chinese tech stocks slumped in tandem on the news. Short-video platform owner Kuaishou Technology crashed 11 per cent to HK$39.60, Alibaba Group Holding slipped 1.2 per cent to HK$79.4 and smartphone maker Xiaomi retreated 2per cent to HK$17.32.Investors have struggled to sustain their interest or bets on Chinese stocks as the economy lost momentum, with stimulus failing to reignite confidence. Hong Kong-based hedge fund Strategic Vision Investment (SVI) closed its bets on Chinese stocks as its long-short strategy failed to deliver, according to a Reuters report on Tuesday.Trimming the losses, Sunny Optical Technology rose 5.2 per cent to HK$47.80 after its quarterly earnings beat estimates.Other Asian markets also weakened, tracking overnight losses as the US stock benchmark ended an eight-day winning streak. Japan’s Nikkei 225 fell 0.8 per cent and South Korea’s Kospi slipped 0.3 per cent, while Australia’s S&P/ASX 200 declined 0.5 per cent.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":9,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}