Chinese tech, auto stocks fall on regulatory fears

[superadmin]

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.
  

SINGAPORE — Shares in Asia-Pacific largely slipped in Monday morning trade, with stocks in Hong Kong leading losses.

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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