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Hong Kong stocks open lower on Monday, with the benchmark Hang Seng Index down 0.45%, the Hang Seng China Enterprises Index down 0.53%, the Hang Seng Tech Index down 0.77%. Shares of US-listed Chinese companies are sliding across the board led by energy vehicle makers NIO, Xpeng Motors and Li Auto.
Technology heavyweights including Alibaba and JD.com are trading lower. Dairy companies, biotech firms and casino operators are mostly lower.
Aluminium producers are outperforming, with Aluminium Corporation of China (Chalco) surging nearly 4% after it announced the plan to acquire 19% stake in Yunan Aluminium. Education companies and home appliance makers are mostly higher.
China’s dominant infant formula maker China Feihe is sliding more than 5% after the company forecast 33.4% – 42.4% drop in first-half profit.
Chinese A-shares open slightly lower, with the benchmark Shanghai Composite Index edging down 0.01% to 3,269, the Shenzhen Component index down 0.06% and the tech-heavy Chinext Price Index down 0.17%.
Defence stocks, environmental protection related stocks and digital currency related companies are outperforming, while semiconductor firms, solar power companies and lithium battery producers are trading lower.