Hong Kong Market falls 2%

Hong Kong stock market finished session steep lower on Friday, 30 April 2021, as risk aversion selloff triggered after official data showed Chinese factory activity growth slowed more than expected in April and on concerns China is escalating a crackdown on the nation's technology giants to rein in financial risks.

At closing bell, the benchmark Hang Seng Index tumbled 1.97%, or 578.38 points, to 28,724.88, capping a weekly 1.2% decline and limiting this month's advance to 1.2%. The Hang Seng China Enterprises Index dropped 2.03%, or 224.63 points, to 11,049.88.

China's financial-market regulators summoned 13 tech firms with online financial business for a meeting late Thursday evening, asking them to tighten anticompetitive measures in yet another signal to investors that an industry clampdown is ongoing and widening. The news came days after Beijing initiated an antitrust probe into food-delivery platform operator Meituan, and after it slapped a record US$2.8 billion fine on Alibaba earlier this month for antitrust violations.

 

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