Tech stocks from Meituan to Alibaba lead losses in Hong Kong as Chinese ride-hailing giant Didi prepares for US delisting

Asia's Tech News Daily

Chinese companies delisting in the US, moving closer to a new law

Hong Kong stocks fell on Friday morning as Chinese technology giants from Meituan to Alibaba Group Holdings faltered amid concerns about Chinese companies delisting in the US.

The Hang Seng Index retreated 1.1 per cent to 23,517.99 at 10am local time, reversing two days of gains and putting it on track for a weekly loss of 0.9 per cent. The Hang Seng Tech Index declined 1.8 per cent, while China’s Shanghai Composite Index rose 0.3 per cent.

Alibaba, the owner of this newspaper, sank 2.8 per cent to HK$119.20, deepening a rout as it continues to trade at a record low. Food delivery platform operator Meituan declined 3.3 per cent, while online gaming giant Tencent lost 2.5 per cent.

Losses were exacerbated by the Securities and Exchange Commission moving closer to a new law on Thursday that could see Chinese companies booted off American bourses. The new rules would aim to ensure foreign firms, in particular Chinese companies, comply with audit requirements.

Soon after, Didi Global announced on Weibo that it had begun preparations to delist in the US. The ride-hailing giant said on Friday it would prepare for a Hong Kong initial public offering. Its shares declined 0.1 per cent to US$7.80 on Thursday in New York.

In mainland China, Tongling Jieya Biologic Technology, a cleaning wipes producer, jumped 58 per cent to 90.50 yuan on its debut.

Major markets in Asia slumped, retreating 0.3 per cent in Japan and 0.4 per cent in South Korea. The Australian benchmark was little changed.

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