Hong Kong stocks opened lower on Wednesday as the Hang Seng Index dropped 202 points, or 0.83 percent, to 24,354, with tech majors under pressure and property counters sliding on renewed rate-hike concerns after firmer U.S. inflation data.
The Hang Seng Tech Index was down 0.96 percent to 4,045 points.
On tech majors, Alibaba (9988) plans to spin off its subsidiary T-Head for an independent listing on the Main Board of the Hong Kong Stock Exchange, while its shares opened down 0.98 percent. Tencent (0700) fell 0.86 percent, Meituan (3690) dropped 1.06 percent, JD.com (9618) declined 0.98 percent, and Xiaomi (1810) also slipped 0.52 percent.
Among blue chips, Li Auto (2015) opened down 2.7 percent as the worst-performing blue chip. In contrast, CATL (3750) and Hua Hong Grace Semiconductor (1347) beat the market, gaining 2.6 percent and 1.6 percent respectively.
Local properties were under pressure from the potential rate hike following the US announcing the October consumer price index last night, which climbed 0.4 percent. New World Development (0016) opened down 2 percent, CK Asset (1113) fell 1.6 percent, and Henderson Land Development (0012) dropped 0.5 percent.
Separately, Link Real Estate Investment Trust (0823) opened down 0.5 percent following announcements that it will acquire a 50.1 percent interest in Eastpoint Mall in Singapore from Income Insurance for S$239.5 million (HK$1.47 billion).
Chinese traditional medicine firm Neautus (2206) rose 27 percent to HK$51.3 on its Hong Kong debut, compared to its IPO price of HK$40.2. The company was oversubscribed by 2,190 times in its retail tranche.
