Tech pulls HSI down

Technology shares dragged Hong Kong stocks back yesterday as news that China would regulate prices on digital platforms hurt e-commerce giants.

The Hang Seng Index fell 344 points to 18,477 yesterday, with the technology gauge down by 2.3 percent. Turnover on the main board was HK$123.2 billion.

Alibaba (9988) fell 3.5 percent, Meituan (3690) fell 5.3 percent and JD.com (9618) slid 3.2 percent.

Xiaomi (1810) was down by 1.98 percent amid news that its office in Poland was being investigated for anti-competitive behavior.

Lenovo (0992) fell 1.69 percent to HK$11.62 following a plan to sell US$2 billion (HK$15.6 billion) worth of zero-coupon convertible bonds to Saudi Arabia.

Alphamab Oncology (9966) plummeted by 44.75 percent to HK$2.63 yesterday after its drug failed to pass a clinical trial.

Against the market, BYD (1211) rose 5.32 percent after it unveiled a new hybrid powertrain capable of traveling more than 2,000 kilometers without recharging.

China National Offshore Oil Corporation (0883) rose 1.7 percent to a record HK$20.95 on expectations of output cuts and rising fuel consumption.

Meanwhile, the onshore yuan closed at 7.2487 yuan against the US dollar, a six-and-a-half month low.