Kuaishou leads slide in HK tech stocks on China's rules punishing illegal e-commerce pricing

** Shares of online marketing and live streaming services provider Kuaishou Technology lead slide in Chinese technology and e-commerce stocks, falling 6.6% to HK$171.20, the lowest since listing on May 2

** Kuaishou is the biggest biggest percentage decliner in the Hang Seng Tech Index

** It is followed by Meituan, falling 5.9% on track for the worst day since May 10; the biggest percentage decliner in the benchmark Hang Seng Index

** China's market regulator issued draft rules on Friday to punish illegal pricing activities, including heavy subsidies and the practice by online platforms of charging different prices based on a customers' purchasing behaviour

** Violation of the rules could incur a fine of 0.1% to 0.5% of a business' annual sales or even suspension of operations, according to a statement from the State Administration for Market Regulations

** Tencent drops 4.3% to HK$550.50, the lowest since Dec. 30, 2020, on course for worst day since March 12

** Hong Kong shares of Baidu Inc decline 3.9%, JD.com eases 3.1%, and Alibaba slips 2.4%,

** The Hang Seng Tech Index slides 2.2%

** The Hang Seng China Enterprises Index eases 1.1%, and the benchmark index slides 0.5%