Hong Kong stocks dropped by the most in more than three months on Friday, wiping away US$196 billion in market value, after US President Donald Trump said he would double the tariff on Chinese imports, escalating the trade war with Beijing and clouding the outlook for growth in the world’s two largest economies.
The Hang Seng Index slumped 3.3 per cent to 22,941.32 at the close, its most substantial decline since October 15. The fall trimmed the month’s gains to 13 per cent. The Hang Seng Tech Index tumbled 5.3 per cent for its worst single-day performance since October 8. On the mainland, the CSI 300 Index sand the Shanghai Composite Index both sank 2 per cent.
Chinese technology stocks that have been riding the DeepSeek wave led declines. Alibaba Group Holding, owner of the Post, sank 6 per cent to HK$127.50 and Tencent Holdings slid 3.4 per cent to HK$478.60. Meituan shed 6.3 per cent to HK$162 and Xiaomi dropped 2.4 per cent…
