The Hang Seng tumbled 241 points or 1.2% to close at 19,448 on Tuesday, marking its second day of losses and nearing its lowest since the end of November.
Declines were widespread across sectors, with the tech index down near 1% amid a steep 7.5% plunge in Tencent Hlds. after the US added the tech giant and battery maker CATL to a list of firms allegedly aiding China's military. Tencent issued a statement claiming its inclusion on the list was a clear mistake and that the listing would have no impact on its business.
Meanwhile, CATL asserted that it does not engage in any military-related activities. Simultaneously, US futures drifted lower after the S&P 500 and Nasdaq rose for the second session Monday, driven by a surge in chip stocks.
Regarding Trump's tariff plans, a report said they would be narrower than previously expected, a claim Trump later disputed. Some losing stocks included Xiaomi Corp. (-6.3%), Miniso Group (-5.3%), Smoore International (-3.2%), and Meituan (-1.9%).
Source: Trading Economics
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