Hong Kong Stocks Decline on Renewed U.S.-China Friction; Shenzhen HQVT Technology Shines on Debut
Hong Kong stocks fell on Monday as investors reacted to unchanged Chinese lending rates and renewed U.S.-China tensions after Beijing imposed export controls on several American entities.The Hang Seng Index fell 0.7%, or 156.29 points, to close at 23,768.52, while the Hang Seng China Enterprises Index dropped 0.8%, or 61.30 points, to finish at 7,914.74.The People's Bank of China kept the one-year loan prime rate, the benchmark for most corporate and household loans, at 3.00%, while the five-year rate, a reference for mortgage lending, remained at 3.50%.Meanwhile, China's Commerce Ministry added 10 U.S. entities to its export control list, immediately banning exports of dual-use items to those companies. The ministry said the measures were taken to safeguard national security and interests, describing them as a response to what it called the U.S. government's "malicious practices."The move followed Washington's recent decision to add several Chinese companies to a military-related entity list.In corporate news, Shenzhen HQVT Technology (HKG:1392) made its Hong Kong debut, closing nearly 271% higher at HK$26.70, compared with its offer price of HK$7.20.Insilico Medicine (HKG:3696) closed over 4% higher after entering a neuroimmune drug discovery collaboration with SK Biopharmaceuticals (KRX:326030), with the deal carrying a potential value of more than $2.5 billion.
