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 sank 2.8% to HK$119.20, deepening a rout as it continues to trade at record low. Food delivery platform operator Meituan declined 3.3%, while online gaming giant Tencent lost 2.5%.
The Securities and Exchange Commission on Thursday announced its final plan for putting in place a new law that mandates foreign companies open their books to US scrutiny or risk being kicked off the New York Stock Exchange and Nasdaq within three years.
The SEC’s new rule, which lays out how the regulator will identify companies subject to delisting and the procedure for kicking non-compliant firms off exchanges, is the latest development in a tussle between financial officials in the world’s two biggest economies. The SEC’s new rule, which lays out how the regulator will identify companies subject to delisting and the procedure for kicking non-compliant firms off exchanges, is the latest development in a tussle between financial officials in the world’s two biggest economies.
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.
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