At closing bell, the benchmark Hang Seng Index declined 1.07%, or 259.14 points, to 23,995.72. The Hang Seng China Enterprises Index dropped 0.92%, or 79.44 points, to 8,578.33.
Fitch Ratings on Thursday declared Evergrande and Kaisa in default after they failed to repay offshore bondholders. The failures could trigger a cross-default in debt owed by the two developers. Evergrande has US$19 billion of dollar bonds outstanding while Kaisa owes US$11.6 billion.
Three companies started trading in Hong Kong. Canbridge Pharmaceuticals slumped 27% and drug maker Asymchem Laboratories slipped 4.6%. Gushengtang Holdings, a Chinese medical service provider, was unchanged.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app