The Hang Seng Index dropped 1.1 per cent to 26,455.01 as of 11am local time, putting the benchmark on track for its biggest weekly loss in 10 weeks. The Hang Seng Tech Index shed 1.1 per cent. On the mainland, the CSI 300 Index declined 1.1 per cent and the Shanghai Composite Index fell 0.4 per cent.
The Hang Seng Index has lost 2.8 per cent so far this week, the most since losing 3.5 per cent for the week ended August 1.
Technology companies led the drop. E-commerce giant Alibaba Group Holding retreated 3.4 per cent to HK$167.40, while peer JD.com declined 1.8 per cent to HK$133.20. WeChat operator Tencent Holdings lost 2.7 per cent to HK$657.50, while smartphone and carmaker Xiaomi slid 3 per cent to HK$51.70. Search-engine giant Baidu lost 4.9 per cent to HK$127, while electric-vehicle maker Li Auto tumbled 1.2 per cent to HK$93.50. Chipmaker SMIC slumped 5.6 per cent to HK$78.80 and peer Hua Hong dropped 3.2 per cent to HK$82.45.
Three stocks debuted on Friday. In Hong Kong, Shanghai Zhida Technology Development gained 183 per cent to HK$189.10, while Golden Leaf International Group jumped 472 per cent to HK$2.86. In Beijing, Oms Machinery surged 337 per cent to 36.02 yuan.
