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HK stocks fall and dip with no bottom in sight

Hong Kong-listed Chinese companies declined for a third straight trading day on Tuesday after the United States Securities and Exchange Commission (SEC) said it would delist five Chinese firms if they could not turn over audit information to regulators.

The Hang Seng Index, a benchmark of Hong Kong’s stock markets, has been under pressure since Russia launched a full-scale invasion of Ukraine on February 24. The index touched 18,271 on Tuesday afternoon, the lowest since September 2011, before it closed down 5.72% at 18,415, marking a six-year low.

Many Chinese technology and property stocks dropped by more than 10% in the sell-off.

Tech giant Tencent’s shares fell 10.2% to HK$298, the lowest since October 2018. The shares have lost 35% so far this year.