Market News

The sharp fall in 09988.HK shares dragged down Hong Kong stocks to open lower in the morning. The Hang Seng Index opened 248 points or 1.4% lower at 17584 points, the national index opened 87 points or 1.4% lower at 6029 points, and the Hang Seng Science and Technology Index opened 66 points or 1.6% lower at 3983 points. Ali no longer pushed for a complete spin-off of Cloud Intelligence Group and temporarily shelved plans for the listing of Box Horse. The share price opened 7.8 per cent lower at 75 yuan, while NetEase's non-GAAP net profit beat expectations last quarter, while the share price opened 0.4 per cent higher at 176.4 yuan. In other technology stocks, 00700.HK opened 0.4 per cent lower at 323.6 yuan, Meituan (03690.HK), 09888.HK (Baidu) and 01024.HK (01024.HK) opened 2.3-2.6 per cent lower, and bilibili (09626.HK) opened 4.9 per cent lower. Xiaomi (01810.HK) opened flat at Rmb15.70, while JD.com (09618.HK) opened 0.6 per cent lower. Online medical platform safe good Doctor (01833.HK) and JD.com Health (06618.HK) opened 3% and 3.5% lower, while Ali Health (00241.HK) opened 2.2% lower. 00175.HK reportedly plans to sell about $388 million of Volvo shares to increase the number of shares outstanding in the latter market. Geely (Geely) opened 1% lower at 9.45 yuan. 01211.HK opened 0.5% lower at 250 yuan, while 09866.HK and 09868.HK opened 2.8% and 1.6% lower. In terms of financial stocks, 00005.HK opened 0.3 per cent lower at Rmb59.2, while 00388.HK and 01299.HK opened 1.5 per cent and 1 per cent lower.