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the leadership has to do sonething but it doesn't seemed to concerned?

NIO Down 5.5%, Alibaba Down 1.7%: Hong Kong Stocks Drop to Halt Monthly Gain

Hong Kong stocks slid to halt a monthly gain as an official report showed that manufacturing in China contracted for a fourth consecutive month and a slew of companies reported disappointing results.T

NIO Down 5.5%, Alibaba Down 1.7%: Hong Kong Stocks Drop to Halt Monthly Gain

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The Hang Seng Tech Index dropped 1.8 per cent, and the Shanghai Composite Index retreated 0.6 per cent.</p><p>New World Development tumbled 12.4 per cent to HK$6.88 after forecasting a loss of as much as HK$20 billion (US$2.56 billion) for the financial year ending in June. Industrial and Commercial Bank of China sank 2.9 per cent to HK$4.36 and China Construction Bank dropped 1.8 per cent to HK$5.42 after both of the state-backed lenders posted a 1.8 per cent profit decline in the first half.</p><p>The purchasing managers index, a survey of sentiment among Chinese factory owners, stayed at 49.1 in August, the National Bureau of Statistics said over the weekend, down from 49.4 in July and short of the consensus estimate of 49.5. Any reading below 50 indicates contraction.</p><p>The rebound in Hong Kong in August may present some challenges as traders digest the weak results, which may trigger earnings downgrades. 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