Monday, January 24, 2022

Technology stocks lower Chinese and HK shares under Beijing’s new cybersecurity rules

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SHANGHAI, Jan. 4 () – Chinese and Hong Kong stocks fell on Tuesday morning as Beijing’s new cybersecurity rules eased sentiment despite growth rates in proprietary games.

** China’s blue-chip CSI300 index fell 0.8% before the lunch break, while the Shanghai Composite Index fell 0.4%.

** The Hang Seng Index fell 0.3 percent and the Hong Kong Chinese Enterprise Index fell 0.5 percent.

** China’s cyberspace regulator has said it will introduce new rules on Feb. 15 that require companies with more than 1 million user data to pass a security check before listing their shares overseas.

** The Hang Seng Tech Index fell 1.4% at the end of the morning session, destroying initial gains due to ongoing pressure from China’s technology sector.

** Technology stocks in China also fell sharply. The Nasdaq-style STAR market fell 2.2 percent and the ChiNext primary market fell 1.3 percent.

** But property shares in China and Hong Kong rose sharply as the sector showed volatility in debt-related concerns.

** The Hang Seng Mainland Properties Index rose 4.4 percent in morning trading after falling 2.8 percent on Monday.

** China’s CSI300 real estate index rose 2 percent.

** China Evergrande Group, a maker of non-cash real estate, said its contract sales fell nearly 40 percent last year and it will continue to actively engage with lenders. Shares in the Hong Kong list, which were suspended on Monday, will continue trading on Tuesday afternoon.

** Chinese telecommunications stocks, including China Telecom, China Unicom and China Mobile, rose ahead of China Mobile’s Shanghai listing on Wednesday.

** China Mobile sold 845.7 million shares in Shanghai for 57.58 yuan ($ 9.06) each, representing 50 percent of its Hong Kong share price. (Message from Shanghai Information Center; edited by Rashmi Aich)

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