Hong Kong’s Benchmark Stock Index Slumps Into Bear Market
- Hang Seng Index has declined 5.8% this week, Alibaba falls
- Platform operators and drug sales in regulatory firing line
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Hong Kong’s benchmark stock index entered a technical bear market, amid a deepening rout triggered by investor concerns over China’s regulatory crackdown across a swathe of industries.
The Hang Seng Index fell 1.8% on Friday, taking losses from its recent Feb. 17 peak to more than 20%. That extended its weekly loss to 5.8%, the worst showing since March 2020, with Alibaba Group Holding Ltd. and Meituan weighting on the gauge Friday.