Hong Kong stocks sank on Monday, as heightened US-China trade tensions jolted market sentiment. The Hang Seng Index fell 2.5%, while the Hang Seng Tech Index dropped 3%.
The Chinese government called on the Trump administration to immediately correct “discriminatory” measures and uphold the consensus reached at their Geneva talks, it said in a statement Monday.
The statement followed US Trade Representative Jamieson Greer’s accusation Friday that Beijing is failing to comply with elements of the trade agreement brokered in Geneva, and complaints that China had not sped exports of critical minerals. The Trump administration’s plans to broaden restrictions on China’s tech sector — with new regulations to capture subsidiaries of companies under US curbs — also weighed on trade concerns.
In terms of star stocks, Xiaomi up 1.3%; JD.com, Alibaba down less than 1%; XPeng, Meituan down about 1.6% each; Li Auto down 2%.
Yeahka shares soared nearly 40% in Hong Kong. Recently, Yeahka, a leading payment-based technology platform, has been granted the Money Transmitter License (MTL) by the financial regulatory authorities in Arizona, USA. This marks another important milestone in Yeahka's journey towards globalization since obtaining the Money Services Business (MSB) license.
Mixue Group, China's largest bubble tea and drinks firm, jumped more than 7% in Hong Kong, hitting a new all-time high.
Mixue, famous for its playful snowman mascot known as Snow King, wearing a crown and a red cloak, has quickly become popular among young consumers in recent years.
It is best known for selling fruit and tea drinks, coffee and ice cream, typically at a cost of about $1, it said.
Pop Mart International, the Chinese toymaker that thrives on a stable of trendy characters, jumped more than 4% to HK230.
Pop Mart has become a darling among investors because of its knack for nurturing intellectual property (IP) that makes its toys must-have items among Generation Z, or those born between 1995 and 2010. The stock has jumped about 10-fold over the past year after Labubu, an elfin character in the Nordic mythology-inspired “The Monsters” series, gained global fame and fuelled overseas sales.
