Foreign investors have sold a record net 17.9 billion yuan ($2.5 billion) of mainland China shares through trading links with Hong Kong on Monday, with the year-to-date investment level turning into a small net outflow.
Hong Kong stocks traded mixed on Tuesday with the benchmark Hang Seng Index falling over 1% in morning trade as investors continued to flee mainland Chinese stocks following President Xi Jinping’s historic consolidation of power.
Tesla Inc (NASDAQ: TSLA) shares dropped another 4.6% on Monday morning after the electric vehicle company reduced prices on its standard Model 3 and Model Y vehicle models in China by 4.7% and 8.9%, respectively.
U.S.-listed Chinese stocks are nosediving in the premarket session on Monday amid fears over President Xi Jinping maintaining dominance following the weeklong Party Congress that concluded on Saturday.
Gainers
Applied Genetic Technologies Corporation (NASDAQ: AGTC) rose 70.8% to $0.41 in pre-market trading. Syncona disclosed that it will acquire Applied Genetic Technologies Corporation.
The U.S. is reportedly in discussions to subject Elon Musk’s companies to national security reviews . Tesla Inc’s (NASDAQ: TSLA) CEO has also been locked in a battle over buying Twitter Inc. (NYSE: TWTR).
Hong Kong shares were trading flat on Friday, with the benchmark Hang Seng edging just 0.05% up, ahead of the release of the inflation report in the city. Shares of Alibaba rose 0.72% in morning trade, while Xpeng shares gained over 5%.