Hong Kong stocks opened lower on Tuesday, weighed down by broad-based declines in tech and auto sectors, as stricter supplier payment rules for automakers and mixed performances among heavyweight tech names dampened sentiment.
The benchmark Hang Seng Index edged 161 points lower, or 0.63 percent, to 25,252 points.
Tech gauge went down by 0.56 percent to 4,502 points.
Tech heavyweights were broadly lower. Alibaba (9988) and Tencent (0700) declined 0.6 percent and 0.3 percent, respectively. Meituan (3690) and JD.com (9618) fell 0.8 percent. Meanwhile, Baidu rose 0.8 percent after purchasing 545,000 of its own Class A ordinary shares on the Hong Kong Stock Exchange yesterday.
Xiaomi (1810) dropped 0.9 percent after launching its new foldable smartphones Xiaomi 18 fold and a series of its SkyNomad cars yesterday.
In the auto sector, BYD Electronics (1211) fell 1 percent, Geely Auto (175) dropped 0.8 percent, and Li Auto (2015) declined 1.9 percent following Chinese regulators introduced stricter rules governing automakers' payments to suppliers yesterday.
Meanwhile, New Oriental Education & Technology (9901) increased 2.56 percent as the best-performing blue chip. In contrast, Innovent Biologics (1801) was down 2.27 percent as the worst-performing blue chip.
