From South China Morning Post Limited.: 2024-05-28 22:43:26

Hong Kong stocks plummeted this week as investors cashed out after a 20% surge. The Hang Seng Index dropped 1.5%, with the Hang Seng Tech Index falling 1.9%. Property market measures and yuan depreciation caused concern. Chinese property stocks in Hong Kong jumped 35% in 4 months. Lenovo sold $2 billion in convertible bonds to Saudi Arabia’s wealth fund to repay debts, causing a 2% drop in stock. Tech leaders Meituan and Alibaba fell. BYD climbed 3.8% after unveiling improved technology for hybrid vehicles. Other Asian markets dipped ahead of key economic data releases.



Read more at South China Morning Post Limited.: Hong Kong stocks rally stalls ahead of key data release; Lenovo slumps on convertible bond sale