Hong Kong stocks fall on continuing decline in China’s industry sector profit

The Hang Seng Index eased 0.2 per cent to 20,056.95 as of 10.02am local time, paring the gain for the week to 1.6 per cent. The Hang Seng Tech Index rose 0.5 per cent.

On the mainland, the CSI 300 Index slid 0.3 per cent and the Shanghai Composite Index retreated 0.1 per cent.

Alibaba Group Holding fell 1.5 per cent to HK$81.90 after agreeing to form a joint venture with E-Mart of South Korea to reorganise its e-commerce operation in the nation. Bottled water maker Nongfu Spring lost 4.4 per cent to HK$33.75 and China Resources Power slumped 3.7 per cent to HK$18.20.

Chinese industrial companies’ profit fell 7.3 per cent year on year in November for the fourth consecutive month, the National Bureau of Statistics said on Friday. In the first 11 months, net income fell 4.7 per cent, it said.

Minieye Technology, which produces advanced driver-assistance systems, rose 6.4 per cent to HK$10.08 on the first day of trading in Hong Kong.