The Hang Seng Index fell 0.7 per cent to 16,535.33 at the close, capping a 3 per cent decline in the curtailed four-day trading week. The decline was the steepest for the first week of trading since 2005, when the benchmark slumped 4.6 per cent. The Hang Seng Tech Index dropped 1.7 per cent, while the Shanghai Composite Index slipped 0.9 per cent.
Alibaba Group Holding slid 3.2 per cent to HK$71.65 and Tencent Holdings lost 2.2 per cent to HK$292.20. Chinese electric-vehicle maker Xpeng tumbled 4.1 per cent to HK$52.70 after HSBC Holdings cut its earnings estimates for this year and next by 35 per cent and 42 per cent, respectively, because of rising pricing pressure. China Resources Beer declined 4.5 per cent to HK$30.50 and personal computer maker Lenovo Group shed 3.9…
