Hang Seng selloff continues for a third straight day

The Hang Seng Index tumbled for three straight days as Beijing's regulatory crackdown continued to weigh on tech companies, while investors turned to local companies, carmakers, banks, and semiconductors.

Hang Seng Index closed 1,105.89 points lower at 25,086.43. Daily turnover reached a record HK$360.7 billion today.

The benchmark has fallen by 9.5 percent, or 2,637 points, from last Thursday.

The Hang Seng Tech Index dropped by 7.97 percent to a record low of 6,249.65.

Panic selling continued in mainland China, with Shanghai and Shenzhen gauges slumping by 2-4 percent.

Meituan (3690) slumped by 17.66 percent and Alibaba (9988) dropped by 6.35 percent after the Chinese regulator launched new rules that ask food delivery platforms to guarantee workers' minimum pay. The two companies operate China's two biggest food-delivery platforms.

Tencent (0700) fell by 8.98 percent, JD.com (9618) fell by 9.43 percent, and Baidu (9888) dropped by 7.31 percent.

Tencent's WeChat suspended the registration of new users to early August to "upgrade technology" of the platform. Jack Ma Yun's Ant Group said it had removed over 60 marketing activities that alleged irregularities from its Alipay.

Shares of carmakers, banks, and chip makers gained, with HSBC (0005) rising by 1.77 percent.