Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Hong Kong stocks fall as China hits insurers while Li Auto limps in debut

Hong Kong stocks fall as China hits insurers while Li Auto limps in debut

Hong Kong stocks slipped after China pledged to strengthen regulations to steady the economy. Insurance technology platform operators appear to be the next target, according to media reports.

Hong Kong stocks fell, halting a three-day advance after China signalled it would strengthen regulations to steady the economy and amid a report insurance technology platforms are being targeted. Chinese Tesla rival Li Auto failed to garner a premium on its first day of trading.

The Hang Seng Index fell 0.5 per cent to 26,517.82 at the close of Thursday trading. The Shanghai Composite fell 0.2 per cent, while the CSI 300 of the biggest stocks in Shanghai and Shenzhen declined 0.8 per cent.

The State Council, China’s cabinet, said it would work on legislation including national security, technological innovation and antitrust to strengthen the government, according to a statement on Wednesday. The banking and insurance regulators separately ordered companies and local agencies to curb improper marketing and pricing practices, Bloomberg and the Securities Journal reported.

Ping An Insurance fell 2.6 per cent to HK$68, while ZhongAn Online P&C Insurance slumped 11.5 per cent to HK$37.80. Hong Kong Exchanges and Clearing fell 3.5 per cent to HK$499.20 as the bourse operator’s first-half profits trailed estimates and amid concerns China’s clampdown will slow stock listing applications and related fees.

“In China, the evidence is now clear that we are seeing a policy shift and not a spasm of regulation,” Rabobank analyst Michael Every said in a report. “The key question for markets is if this is positive or negative for growth” at a time when the economy is grappling with a resurgence in Covid-19 infections, he added.

China has tightened measures in hospitals to prevent infections within health facilities as the nation faces its most serious outbreak since last year’s peak. Six mainland provinces reported a total of 90 new local infections on Wednesday, according to government data.


Recovery momentum has faded in China as the Delta variant fuelled downside risks to growth in the second half of the year, Union Bancaire Privée said in a report on Thursday. Rising regulatory risks are weighing on medium-term growth prospects, especially in segments targeted by national reform or security efforts, the Swiss private bank said.

Electric-vehicle maker Li Auto fell 0.8 per cent to HK$117 on its debut versus its offering price of HK$118. The shares were indicated at HK$115.90 in grey-market trading on Wednesday, according to prices from Bright Smart Securities and Phillip Securities. The carmaker raised HK$11.6 billion (US$1.49 billion) from the sale of 100 million shares to investors.

Markets in Asia-Pacific were mixed. Japan’s Nikkei 225 slipped 0.2 per cent, while Korea’s Kospi fell 0.4 per cent. Australia’s ASX 200 edged up 0.1 per cent.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
×