Hong Kong stocks slumped on heightened regulatory concerns after a news report saying the Chinese government will separate Ant Group’s online payments and lending businesses. Soho China crashed after Blackstone cancelled its takeover offer.
The Hang Seng Index tumbled 1.5 per cent to 25,813.81 on Monday, following a rally in the preceding three weeks. Alibaba Group Holding, which owns one-third of Ant Group and this newspaper, lost 4.2 per cent while Tencent Holdings declined 2.7 per cent and Meituan slid 4.5 per cent. The tech gauge retreated by 2.3 per cent.
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