The Hang Seng Index slumped 1.6 per cent to 17,233.72 as of 9.56am local time, taking the week’s loss to 2.4 per cent. The Hang Seng Tech Index dropped 2.5 per cent and the Shanghai Composite Index retreated 0.6 per cent.
SMIC tumbled 3.2 per cent to HK$22.60 after third-quarter revenue and net income both missed analysts’ estimates. Alibaba Group lost 2.6 per cent to HK$80, Tencent dropped 1.3 per cent to HK$302.80 and Meituan retreated 2.7 per cent to HK$111.90. The three tech giants are due to release quarterly results next week.
Three companies made their trading debuts on Friday. Huashi Group, which provides branding and advertising services, rallied 44 per cent from its IPO price to HK$1.50 in Hong Kong and Folangsi, a provider of logistics equipment leasing, rose 1.8 per cent to HK$14.54. Zhejiang Forward Heating Technologies, a maker of heating exchangers, jumped 127 per cent to 31.60 yuan in Beijing.
The news is published by EMEA Tribune & SCMPFollow our WhatsApp verified Channel