Hong Kong Market extends losses

Hong Kong stock market finished lower for the second straight session on Monday, 12 April 2021, on following losses in the Mainland China market amid lingering concerns over policy tightening and ongoing Sino-U.S. tensions. Meanwhile, weakness in the other regional bourses also weighed down sentiments.

At closing bell, the benchmark Hang Seng Index declined 0.86%, or 245.52 points, to 28,453.28. The Hang Seng China Enterprises Index fell 0.93%, or 102.54 points, to 10,874.83.

Among top losers, Geely Automobile fell 7.1% to HK$19.24. Meituan fell 5% to HK$298.20, while Shenzhou International dropped 2.9% to HK$162.20.

Alibaba shares surged 6.5% to HK$232.20, as CEO Daniel Zhang said on Monday that China's Alibaba does not expect any material impact from changes to its exclusivity arrangements with merchants, after record antitrust fine of US$2.8 billion over the weekend by the State Administration for Market Regulation for anti-monopolistic practices. The firm accepts the penalty with sincerity and will ensure its compliance with determination.

AAC Technologies shot up 12.7% to HK$44.90, after the firm announced in an exchange filing on Monday that it expected unaudited profits to rise to 550 million yuan in the first quarter, or more than 10 times the level a year earlier.

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