Hong Kong stocks fell on Tuesday after a sell-off of tech stocks, which led gains in the previous day.
The Hang Seng Index slid 2.35%, or 561.31 points, to end at 23,344.25. The Hang Seng China Enterprises Index fell 2.65%, or 234.64 points, to finish at 8,616.05.
The local equities market ended the session lower on profit-taking following yesterday's tech rally.
"Expecting volatility ahead, skittish investors chose to cash out to lock up their gains," Ivan Li, a fund manager at Loyal Wealth Management in Shanghai, was quoted by South China Morning Post as saying.
Alibaba Group (HKG:9988) and Meituan (HKG:3690) both experienced a 4% drop, while Tencent (HKG:0700) saw a 2% decline.
In corporate news, Xiaomi's (HKG:1810) shares closed 6% lower after it shared plans to raise HK$42.5 billion from a top-up placement.
The tech heavyweight plans to fund the expansion of its car-making business with the proceeds.
Meanwhile, aluminum alloy manufacturer Nanshan Aluminium International (HKG:2610) fell on its trading debut. It closed at HK$25.25 per share, down over 5% from its IPO price of HK$26.60.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.