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Mia Castagnone

Hong Kong stocks erased as a rally in travel-related and electric vehicle (EV) makers overshadowed steep losses in Chinese tech stocks after a sell-off in Temu owner PDD Holdings and its e-commerce rivals.
The Hang Seng Index added 0.4 per cent to 17,874.67 on Tuesday, after earlier losing almost 1 per cent. The Tech Index pared losses to close little changed, while the Shanghai Composite Index declined 0.6 per cent.
Trip.com jumped 9.3 per cent to HK$367.40, while PetroChina added 4.4 per cent to HK$7.17 as traders bet on companies with market-leading positions for stable income. Both reported stronger interim earnings on Monday.
EV maker Xpeng advanced 4.3 per cent to HK$30.30 after its founder and CEO He Xiaopeng bought 2 millions shares on Monday to boost his personal stake. Rival Li Auto advanced 2.1 per cent to HK$83.90 and Geely Auto surged 4.3 per cent to HK$8.57.

Local stocks earlier opened with steep losses in e-commerce companies, following an overnight 29 per cent crash in PDD Holdings in New York trading, which erased US$55 billion of its market value. Its CEO Chen Lei said its current growth trajectory was not sustainable. The sell-off also came after US retail giant Walmart sold its stake in JD.com for US$3.6 billion last week, ending an 8-year partnership.
Alibaba Group Holding tumbled 4 per cent to HK$79.95 and e-commerce rival JD.com slid 4.3 per cent to HK$101.30. Food delivery service provider Meituan fell 2.5 per cent to HK$106.30 and video-sharing services provider Kuaishou dropped 1.2 per cent to HK$39.95.
“Investors worry about intensified competition” among China’s online retail platforms, said Kenny Wen, head of investment strategy at KGI Asia in Hong Kong. However, the impact on the broader market or technology stocks was relatively limited, he added.
Stocks continued to whipsaw investors amid challenges overseas, even as China’s chief market regulator urged state-run funds and private asset managers to step up buying power to inject confidence in the market. Canada announced a 100 per cent tariff on Chinese EVs, joining the US and Europe in the same move.
Elsewhere, Japan’s Nikkei 225 Index climbed 0.4 per cent, Australia’s S&P/ASX 200 fell 0.2 per cent and South Korea’s Kospi declined 0.3 per cent.


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Business

Markets

PDD’s shares slumped by a record 29 per cent in New York trading after the Temu owner said current growth trajectory was unsustainable


Stocks reversed path after a poor start to trading as consumer-related firms rallied. A record slump in PDD Holdings in New York sparked a sell-off in Chinese e-commerce rivals.
