Hong Kong stocks resume slump with Asian markets as weighty US tariffs on China loom large

The Hang Seng Index slumped 1.7 per cent to 19,781.13 at 10am local time, the lowest level since mid-January. The Hang Seng Tech Index plunged 1.1 per cent. On the mainland, the CSI 300 Index, which tracks the 300 largest stocks in Shanghai and Shenzhen, slipped 1.2 per cent.

Other major Asia-Pacific markets weakened: Japan’s Nikkei 225 Index fell 3.2 per cent, South Korea’s Kospi slid 0.5 per cent and Australia’s S&P/ASX 200 retreated 0.9 per cent.

All but three members of the Hang Seng Index fell, with exporters like PC maker Lenovo Group and clothing manufacturer Shenzhou International bearing the brunt.

Among major decliners, electric car maker Li Auto fell 8.7 per cent to HK$74, travel booking platform Trip.com sank 5.5 per cent to HK$409.80 and e-commerce giant JD.com slid 5.1 per cent to HK$130.60.

One stock made its trading debut on Wednesday: Zhejiang Tion Vanly Tech jumped 300 per cent to 34.35 yuan (US$4.68) in Shanghai.