The Hang Seng Index declined 0.7 per cent to 25,801.59 as of 11.01am local time. The Hang Seng Tech Index dropped 1.5 per cent. On the mainland, the CSI 300 Index added 0.1 per cent and the Shanghai Composite Index was little changed.
Drug makers led the declines as Hansoh Pharmaceutical Group slumped 4.7 per cent to HK$41.02 and Innovent Biologics tumbled 3.7 per cent to HK$82.05. Chinese search engine operator Baidu slid 3.3 per cent to HK$121.08 and short-video platform operator Kuaishou Technology declined 3.6 per cent to HK$65.10. Alibaba Group Holding fell 2.9 per cent to HK$149.70.
On the upside, Ping An Insurance Group advanced 3 per cent to HK$65.65 following a Morgan Stanley note that said the market was underestimating the insurer’s growth and profit potential.
China’s retail sales rose 1.3 per cent from a year ago in November, data from the National Bureau of Statistics showed. That was the weakest pace since December 2022, when China lifted all Covid-19-related restrictions. The figure also trailed a consensus estimate for a 2.9 per cent increase.
