ET Intelligence News (22nd) - U.S. stocks rose across the three major indices overnight, yet Hong Kong's tech and internet sector continued to face selling pressure, dragging down the Hang Seng Index which opened at 23,513, down 138 points or 0.6%, with board turnover of HK$2.599 billion. The Hang Seng China Enterprises Index stood at 7,887, down 55 points or 0.7%. The Hang Seng Tech Index stood at 3,949, down 45 points or 1.1%.

    Tech and internet stocks declined, with Alibaba (09988) down 2.03% at HK$101.6, falling for a third consecutive day with a cumulative drop of 6.62%, approaching the 100-yuan threshold. JD.com (09618) opened 2.04% lower at HK$100.6, also nearing the 100-yuan level, while Tencent (00700) fell 1.73% to HK$387, Meituan (03690) dropped 1.07% to HK$73.9, and Kuaishou (01024) declined 0.14% to HK$28.

    Lenovo Group (00992), reportedly seeking a $2 billion loan, fell 4.08% to HK$24.94. CATL (03750) continued to face selling pressure after its earnings release, opening 3.29% lower at HK$352.8.

    HKEX (00388) rose 0.54% to HK$374.8, while Orient Overseas (00316) gained 0.39% to HK$156.4.

    Well-known Mainland investor Duan Yongping stated he would buy more shares in Pop Mart (09992), although his holding would not exceed 10%. Pop Mart reversed earlier losses this morning, rising 0.15% to HK$130. (ey)