The retreat extends the market’s slide since an October peak, underscoring growing frustration over Beijing’s underwhelming fiscal stimulus and jitters over a potential escalation in US-China tensions. The latest earnings from consumption bellwethers PDD Holdings Inc. and Baidu Inc. have done little to inject confidence, with the latter’s shares briefly plunging 10% in Hong Kong following a decline in revenue.
A selloff in Chinese stocks deepened on Friday afternoon, as disappointing tech earnings hit sentiment already weakened by concerns over Donald Trump’s imminent return.
The CSI 300 Index slumped 3.1%, the most since Oct 11. The Hang Seng China Enterprises Index lost as much as 2.4%, set to cap a second straight week of losses. Tech and electric vehicle-related shares were among the biggest losers.
