- Posted on September 13, 2021
- News
- By FC Team
- 788 Views
SINGAPORE — Shares in Asia-Pacific were mixed in Monday trade, with stocks in Hong Kong leading losses.Hong Kong-listed shares of Alibaba dropped 5% following a Financial Times report that Beijing wants to break up Ant Group’s Alipay and force the creation of a separate loans app.Other Chinese tech stocks also declined, with Tencent falling 2.69% while Meituan slipped 5.86%. The Hang Seng Tech index dropped 2.98%.Chinese electric vehicle stocks fell after the country’s industry minister said consolidation in the sector is needed as there are “too many” EV makers in China. BYD dropped 2.75% while Xpeng slipped 2.87%.Meanwhile, Chinese property developer Soho China plunged 32.57% after a takeover deal by Blackstone Group fell through. Soho China said in a filing on Friday that Blackstone has decided not to go through with its $3 billion bid to buy the developer.Hong Kong’s broader Hang Seng index dropped 1.9%, as of its final hour of trading. Mainland Chinese stocks closed mixed, with the Shanghai composite up 0.33% to 3,715.37 while the Shenzhen component declined 0.447% to 14,705.83..cnbc.com