The Hang Seng Index dropped 0.8 per cent to 23,407.78 as of 11.11am local time, while the Hang Seng Tech Index slid 1 per cent. On the mainland, the CSI 300 Index slipped 0.4 per cent and the Shanghai Composite Index gained 0.1 per cent.
Chinese electric-vehicle (EV) maker BYD slumped 7.5 per cent to HK$430.60 from an all-time high on media reports that it will cut prices on 22 models to promote sales. Peers tumbled, with Geely Auto sinking 7.5 per cent to HK$18.78 and Li Auto losing 4.9 per cent to HK$107.90 amid concerns a prolonged price war will erode margins and earnings.
Meituan retreated 5.1 per cent to HK$129.90 before its quarterly earnings report later on Monday. Alibaba Group Holding slipped 0.1 per cent to HK$118.70 and Tencent Holdings retreated 1.1 per cent to HK$512.50. EV battery king CATL slumped 6.6 per cent to HK$301.20.
01:44
China’s largest EV battery maker CATL celebrates strong debut at Hong Kong stock market
China’s largest EV battery maker CATL celebrates strong debut at Hong Kong stock market
China’s official PMI manufacturing index probably rose to 49.5 in May from 49 in April, a government report on May 31 may show, remaining in contraction mode. Activity reports for April were mixed, with industrial production beating market expectations, while gains in retail sales and fixed asset investment disappointed.
