Hong Kong stocks dropped on concerns about China’s economic recovery outlook after a mixed bag of activity data for November. Xpeng slumped on a stake-sale plan, while Hong Kong Exchanges and Clearing or HKEX slipped after its CEO Nicolas Aguzin quit.
The Hang Seng Index fell 1 per cent to 16,629.23 on Monday, retreating from the highest since December 1. The Tech Index dropped 1.3 per cent while the Shanghai Composite Index retreated 0.4 per cent, the lowest since October 31, 2022.
Xpeng tumbled 6.7 per cent to HK$55.35 after Alibaba Group disclosed a plan to sell 25 million of the EV maker’s US-listed shares. Chinese developer China Resources Land fell 2.9 per cent to HK$27.25 and sportswear maker Li Ning dropped 1.9 per cent to HK$18.64. HKEX slipped 0.4 per cent to HK$258.80 after saying CEO Nicolas Aguzin will depart in May next year, to be replaced by co-COO Bonnie Chan.
Elsewhere, Tencent slipped 0.9 per cent to…
