The Hang Seng Index fell 0.3 per cent to 23,309.49 at 10.17am local time on Wednesday, while the Hang Seng Tech Index dropped 0.2 per cent. On the mainland, the CSI 300 Index slipped 0.1 per cent and the Shanghai Composite Index retreated 0.2 per cent.
Alibaba Group Holding fell 1.2 per cent to HK$116.60 and JD.com slipped 0.9 per cent to HK$127.10 while Meituan lost 0.8 per cent to HK$131.20. Among other loss leaders, Hansoh Pharmaceutical slumped 2.8 per cent to HK$25.80 and insurer AIA Group weakened 1.8 per cent to HK$64.
PDD, the owner of Pinduoduo and Temu platforms, reported a 47 per cent slump in first-quarter earnings as sales cooled, both trailing market consensus, a filing on Tuesday showed. Its Nasdaq-listed shares tumbled as much as 18 per cent in New York overnight.
Losses were contained as companies in other hot industries showed resilience. Short-video platform operator Kuaishou Technology rallied 4.5 per cent to HK$51 after first-quarter revenue exceeded expectations. Xiaomi advanced 2.5 per cent to HK$52.80 after profit beat consensus on robust smartphone and electric vehicle sales.
Other major Asian markets rose, tracking the biggest gain in US stocks in more than two weeks following a recovery in consumer confidence. Japan’s Nikkei 225 climbed 0.6 per cent, while South Korea’s Kospi jumped 1.7 per cent and Australia’s S&P/ASX 200 added 0.2 per cent.
