China’s stock market underperformed the rest of Asia-Pacific on Tuesday, despite the announcement of far better-than-expected Chinese economic data.
According to statistics from Refinitiv Eikon, Hong Kong’s Hang Seng index plummeted more than 6% in afternoon trade before recovering slightly, sliding 5.72 percent to 18,415.08, its lowest closing since February 2016.
Trading in Chinese tech stocks in Hong Kong was choppy throughout the day. In morning trade, the Hang Seng Tech index fell more than 7%, then briefly slipped into positive territory before reversing course and losing 8.1 percent on the day to 3,472.42.
Dual-listed Chinese tech stocks in Hong Kong tumbled as investors assessed the risk of probable delistings from US exchanges: Alibaba was down 11.93 percent, JD.com was down 10.06 percent, and NetEase was down 7.68 percent.
Another dual-listed business, Nio, dropped 12.81 percent after its U.S. listed shares plummeted overnight on increased delisting fears.
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