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The Hang Seng Index closed almost flat, up by just 1.87 points at 28,338.30 points on Monday, as the outperformance of old economy stocks offset the selloff of technology names.

The Hang Seng Tech Index fell by 1.83 percent at 7,981.07.

Chinese food delivery company, Meituan (3690) shed 6.95 percent at HK$281, the worst performer among blue-chips, after posting a loss for the fourth quarter last year.

Baidu (9888) fell by 2.80 percent at HK$208 after a number of large block trades linked to the Archegos Capital investment fund.

China Evergrande New Energy Vehicle (0708) fell by 6.98 percent at HK$58.60. That came after state-owned media Xinhua said the electric car sector is facing a bubble as China Evergrande New Energy Vehicle's market cap has reached more than HK$500 billion before launching an electric car.

The agency also criticized issues in the industry, including false advertising and safety concerns.

Mainland auto stocks generally dropped, Geely Automobile (0175) lost 2.69 percent, while BYD (1211) fell by 3.33 percent.

Mainland developers and banks gained. Longfor Group (0960) added 6.95 percent at HK$51.55, the best performer among blue chips.

State-owned commercial banks climbed after reporting higher-than-expected fourth-quarter results. Bank of Communications (3328) gained by 5.59 percent, while China Construction Bank (0939) won 3.25 percent.

Hang Seng flat at close, Meituan drops by 6.95pc