Hong Kong Market ends 3-day advance

Hong Kong stock market finished session down on Thursday, 12 August 2021, halting a three-day advance, after China signaled it would strengthen regulations to steady the economy.

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.

Also, weighing market sentiments was reports that banking and insurance regulators ordered companies and local agencies to curb improper marketing and pricing practices.

At closing bell, the benchmark Hang Seng Index fell 0.53%, or 142.34 points, to 26,517.82. The Hang Seng China Enterprises Index dropped 0.87%, or 82.67 points, to 9,465.46.

Shares of insurance companies fell amid reports insurance technology platforms are being targeted. Ping An Insurance fell 2.6% to HK$68, while ZhongAn Online P&C Insurance slumped 11.5% to HK$37.80.

Shares of Electric-vehicle maker Li Auto fell 0.8% to HK$117 on its debut versus its offering price of HK$118. The carmaker raised HK$11.6 billion (US$1.49 billion) from the sale of 100 million shares to investors.

Shares of Hong Kong Exchanges and Clearing fell 3.5% to HK$499.20 amid concerns China's clampdown will slow stock listing applications and related fees.

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