05-02-2025
- Business
- South China Morning Post
Chinese stocks lose ground in Hong Kong and mainland amid tariff uncertainty
Mainland China's markets dipped on Wednesday along with Hong Kong stocks as investors weighed trade tensions with the US and hype around the domestic artificial intelligence (AI) sector.
The Hang Seng Index fell 1 per cent to 20,586.54 at 9.50am local time, surrendering some of Tuesday's strongest gain in three months. The Hang Seng Tech Index dropped 1.2 per cent.
Mainland benchmarks opened up before losing ground, with the CSI 300 Index falling 0.2 per cent and the Shanghai Composite Index declining 0.3 per cent. Technology stocks in both indices outperformed.
Among Hang Seng Index constituents, Apparel maker Shenzhou International Group Holdings sank 5.6 per cent to HK$59.40, while Nongfu Spring dipped 4.7 per cent to HK$35.70 and Haidilao International Holding dropped 4.4 per cent to HK$14.30.
Tech stocks were largely weaker, with Beijing-based computing platform Kingsoft Cloud slumping 9.3 per cent to HK$7.78 and Meitu, a maker of smartphones and selfie apps, dipping 6.4 per cent to HK$4.40.
Trimming losses, Lenovo Group rose 3.8 per cent to HK$10.90, and electric car maker BYD Electronic climbed 1.8 per cent to HK$44.65. Shipping carrier Orient Overseas International gained 1.7 per cent to HK$104.40, while pork processor WH Group advanced 1.1 per cent to HK$6.27.
