Regulation & “Unnamed Sources” Weigh On Internet Stocks

The Hang Seng opened lower and stayed there, closing -1.5% as volume increased from Friday. The 210 Chinese companies listed in Hong Kong and within the MSCI China All Shares Index fell -2.08% with energy and materials up +3.95% and +1.89%, respectively. Meanwhile, discretionary -3.83%, staples -3.47%, tech -2.49%, healthcare -2.42%, and communication -2.41%. Hong Kong’s most heavily traded stocks by value were Tencent, which fell -2.45%, Meituan, which fell -4.47%, Alibaba HK, which fell -4.

77%, staples -1.51%, and industrials -1.18%. The Mainland’s most heavily traded stocks by value were COSCO Shipping, which gained +2.99%, TBEA, which fell -5.46%, China Northern Rare Earth, which fell -3.92%, broker East Money, which gained +2%, China Molybdenum, which gained +6.68%, Zijin Mining, which gained +3.51%, Aluminum Corp of China, which gained +10%, Tianqi Lithium, which gained +2.13%, Longi Green Energy, which fell -2.88%, and Jiangxi Special Electric Motor, which gained +9.99%.

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