Hang Seng Index opened lower by more than 1%, with real estate and major financials declining. SOHO China dropped more than 6%.
LI AUTO-W and NIO-SW fell more than 3%, BIDU-SWR, XPENG-W, and JD-SWR fell more than 1%, Alibaba and BILIBILI-W fell over 0.5%.
On August 21st, the Hong Kong stock market opened lower, with the Hang Seng Index down 0.85%, the Hang Seng Tech Index down 1.4%, and the Hang Seng China Enterprises Index down 1.08%. After the opening, the Hang Seng Index continued to decline by more than 1%, while the China Enterprises Index and the Hang Seng Tech Index fluctuated at a low level.
Online education, retail, and film and media opened higher, while real estate, non-ferrous metals, port transportation, and cloud computing sectors opened lower.
Shares of Lixiang, NIO, Baidu, Xiaopeng, and JD.com fell by more than 3%, while Alibaba and Bilibili fell by over 0.5%.
Property stocks open lower
SOHO China fell nearly 7%, while Kaisa Prosper, Shimao Group, China Resources Land, R&F Properties, Sunac, Longfor Group, and Vanke fell by more than 1%; Country Garden rose by over 5%.
In terms of news, SOHO China stated in its interim performance announcement on the 18th that its subsidiary, "Beijing Wangjing Souhou Real Estate," owed a total of RMB 1.986 billion in land value-added tax and related late fees, which may lead to possible cross-default of some of the group's borrowings.
Today, the central bank lowered the one-year loan market quotation rate (LPR) by 10 basis points, while keeping the five-year LPR unchanged. This is the second time LPR has been lowered since 2023. Previously, after remaining unchanged for 9 consecutive months, LPR was lowered by 10 basis points in June.
Ports decline
OOIL fell by more than 9%, with COSCO SHIP HOLD and COSCO SHIP ENGY leading the decline.
Financials open lower
China Securities fell about 3%, CITIC Securities, Bank of East Asia, and China Life fell more than 2%.
