General view of electric screen of Shanghai stock shares and Shenzheng shares are seen in front of high rise modern commercial and financial buildings at Lujiazui in Shanghai, China on July 31, 2023.
Ying Tang | Nurphoto | Getty Images
Asia-Pacific markets fell on the last trading day of 2023, with China stocks being the sole exception as the country’s tech companies continued their advance.
Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter China’s oversaturated electric-vehicle market. Hong Kong shares of the company fell more than 4% by afternoon trading.
The company seeks to compete with auto giants Tesla and Porsche with a car model Xiaomi says it spent more than 10 billion yuan ($1.4 billion) to develop.
Hong Kong’s Hang Seng index dipped 0.20%, while China’s CSI 300 index closed 0.49% higher at 3,431.11.
China and Hong Kong indexes rallied more than 2% each in the previous session, but were still set to…
