09-13-2021, 11:28 AM
Chinese tech, auto stocks fall on regulatory fears; property developer Soho China drops 36% on failed deal
- Hong Kong-listed shares of Alibaba dropped 3.04% following a Financial Times report that Beijing wants to break up Ant Group’s Alipay and force the creation of separate loans app.
- Chinese auto stocks in Hong Kong also fell after the country’s industry minister reportedly said consolidation in the sector is needed as there are “too many” auto firms in China.
- Meanwhile, Chinese property developer Soho China plunged more than 35% in the morning after a takeover deal by Blackstone Group fell through.
Hong Kong-listed shares of Alibaba dropped 3.93% following a Financial Times report that Beijing wants to break up Ant Group’s Alipay and force the creation of a separate loans app.
Other Chinese tech stocks also declined, with Tencent falling 3.14% while Meituan slipped 5.78%. The Hang Seng Tech index dropped 2.84%.
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