HK Stocks Close Lower. Hang Seng Index Down 1.85%; Mixue Group up 10.8%; NIO Up 3%; Alibaba, JD.com, Meituan, SMIC Down Around 4%
Hong Kong stock market closed lower Monday on investor worries about deflation after China reported a decline in consumer prices.
The Hang Seng Index fell by 1.85%, the Hang Seng China Enterprises Index dropped by 2.12%, the Hang Seng Tech Index decreased by 2.52%, and the Hang Seng Composite Index declined by 1.19%.
Official data released on Sunday showed that China’s consumer price index (CPI), a gauge for measuring inflation, fell 0.7 per cent in February from a year earlier, versus a 0.5 per cent gain in the previous month.
Mixue Group up 10.8%; NIO Up 3%; Alibaba, JD.com, Meituan, SMIC down around 4%; Tencent, Xiaomi down about 3%.
Last Monday, the bubble tea chain Mixue's shares jumped by more than 40% in their Hong Kong Stock Exchange debut.
The company raised $444m (£352m) in the financial hub's biggest initial public offering (IPO) of the year.
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