The Economic Information Daily, July 22 - US stocks rose across the board last night, but Hong Kong's tech and internet sector continued to be sold off. Alibaba (09988) dropped 6%, contributing 118 points to the decline. The Hang Seng Index's morning decline expanded to over 650 points, breaking below 23,000 for the first time since July. In the afternoon, the index hit a low of 22,834, the lowest level in nearly four months since June 30. The Hang Seng Index closed the day at 22,934, down 717 points or 3%; the Hang Seng China Enterprises Index closed at 7,689, down 254 points or 3.2%; the Hang Seng Tech Index closed at 3,793, down 200 points or 5%. Panic sentiment pushed up the main board turnover to nearly 256.1 billion yuan. Northbound funds did not dare to buy on dips, instead increasing selling pressure in the afternoon, with a net outflow of 9.2 billion yuan for the day, the largest net outflow in a month and a half, and the seventh consecutive trading day of northbound capital outflows.
Tech and internet stocks fell sharply. Alibaba dropped below the 100-yuan level shortly after market open, further triggering selling pressure. It closed down 6.12% for the day at 97.35 yuan. JD.com (09618) fell 4.28% to 98.3 yuan, also breaking below the 100-yuan level. Tencent (00700), which lost the 400-yuan level yesterday, fell another 2.89% today to 382.4 yuan. Meituan (03690) dropped 4.55% to 71.3 yuan, and Xiaomi (01810) fell 3.73% to 25.8 yuan.
Mainland China's 20% tax rate on individual offshore trust income had a declaration and tax payment deadline today. NetEase (09999) plunged 6.53% to 181.8 yuan, a new low, after its founder, Ding Lei, was highlighted by Bloomberg as having potential tax payment risks. Pop Mart (09992) also fell 1% to 128.5 yuan. Meanwhile, the major shareholder of Bruk (00325) sharply reduced holdings this morning, dragging the company's stock price down 21.38% to 54.6 yuan.
AI hardware concept stocks plunged collectively. Lenovo Group (00992) dropped 10.92% to 23.16 yuan, leading the decline among blue chips. Hua Hong (01347) plunged 9.46% to 66.55 yuan, SMIC (00981) fell 6.24% to 46.84 yuan. Among non-blue chips, Yangtze Optical Fibre and Cable (06869) plunged 11.79% to 110.7 yuan, Biren Technology (06082) fell 10.56% to 22.54 yuan, Jian Tao CCL (01888) dropped 9.35% to 36.82 yuan, and Zhongji Xuchuang (03308) fell 7.3% to 724 yuan.
CATL (03750) continued to be sold off after its earnings report, dropping another 7.24% today to 338.4 yuan, marking seven consecutive days of decline with a cumulative drop of 31.61%.
Midea Group (00300) rose 0.54% to 93.6 yuan, the only blue chip to gain for the day.
The top three traded stocks in terms of turnover for the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Alibaba, and SMIC, respectively. (ey)
Tech and internet stocks fell sharply. Alibaba dropped below the 100-yuan level shortly after market open, further triggering selling pressure. It closed down 6.12% for the day at 97.35 yuan. JD.com (09618) fell 4.28% to 98.3 yuan, also breaking below the 100-yuan level. Tencent (00700), which lost the 400-yuan level yesterday, fell another 2.89% today to 382.4 yuan. Meituan (03690) dropped 4.55% to 71.3 yuan, and Xiaomi (01810) fell 3.73% to 25.8 yuan.
Mainland China's 20% tax rate on individual offshore trust income had a declaration and tax payment deadline today. NetEase (09999) plunged 6.53% to 181.8 yuan, a new low, after its founder, Ding Lei, was highlighted by Bloomberg as having potential tax payment risks. Pop Mart (09992) also fell 1% to 128.5 yuan. Meanwhile, the major shareholder of Bruk (00325) sharply reduced holdings this morning, dragging the company's stock price down 21.38% to 54.6 yuan.
AI hardware concept stocks plunged collectively. Lenovo Group (00992) dropped 10.92% to 23.16 yuan, leading the decline among blue chips. Hua Hong (01347) plunged 9.46% to 66.55 yuan, SMIC (00981) fell 6.24% to 46.84 yuan. Among non-blue chips, Yangtze Optical Fibre and Cable (06869) plunged 11.79% to 110.7 yuan, Biren Technology (06082) fell 10.56% to 22.54 yuan, Jian Tao CCL (01888) dropped 9.35% to 36.82 yuan, and Zhongji Xuchuang (03308) fell 7.3% to 724 yuan.
CATL (03750) continued to be sold off after its earnings report, dropping another 7.24% today to 338.4 yuan, marking seven consecutive days of decline with a cumulative drop of 31.61%.
Midea Group (00300) rose 0.54% to 93.6 yuan, the only blue chip to gain for the day.
The top three traded stocks in terms of turnover for the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Alibaba, and SMIC, respectively. (ey)
