At closing bell, the benchmark Hang Seng Index stumbled 433.94 points, or 2.01%, to 21,190.42. The Hang Seng China Enterprises Index was down 187.54 points, or 2.56%, to 7,126.19.
The Biden administration is said to be mulling new rules that would curb US investment in Chinese technology companies, as per reports, days after the US government shot down a Chinese-owned spy balloon over its airspace.
Meanwhile, consumer prices in China rose last month by 2.1% from a year earlier, versus 1.8% in December, the government data said on Friday, limiting the room for monetary easing. Producer prices index fell 0.8%, suggesting manufacturers struggled to pass on costs to consumers.
Among blue chips, Alibaba Group slipped 3.3% to HK$104.10, Baidu slumped 7.4% to HK$140.40 while JD.com tumbled 6.3% to HK$210.40. BYD lost 3.5% to HK$240.60 as Warren Buffett's Berkshire Hathaway further cut its stake. China's biggest chip maker SMIC slipped 4.3% to HK$17.24 on an earnings setback.
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