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Gigi Choy

Kathleen Magramo

Deb Price

Good day, traders --
Hong Kong and China stocks slid, amid US-China tension and coronavirus fatigue.
Catch up on the day's action below.
And, hey, are you getting your Live Stocks Blog every morning via email? You can! Don't miss out on our coverage of Hong Kong and mainland markets each trading day! If you would like the Live Stocks Blog emailed to you each morning, click here. If you need to reach the stocks team, email deb.price@scmp.com.
--Gigi Choy, Kathleen Magramo and Deb Price in Hong Kong Note: Information in this blog is on an "as is" basis and not a solicitation or offer to buy or sell any securities or otherwise; and is not investment/professional advice or services in this regard.  It is subject to our T&C.  SCMP (as defined in T&C) shall not be liable for any loss, damage and costs relating to any investments in securities or otherwise in this connection.
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Hang Seng Index, China stocks feel pressure on coronavirus concerns, US-China tensions

A man walks past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange on May 4, 2020. Photo: Associated Press 

Business

Budweiser APAC posts net loss of US$41 million in first quarter
Coronavirus triggers China's weakest corporate earnings in a decade


Budweiser APAC posts painful net loss of US$41 million in first quarter. Coronavirus triggers China's weakest corporate earnings in a decade. 


Stocks

China stock market

Hang Seng Index

Tencent

Coronavirus pandemic: All stories

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Budweiser Brewery APAC (1876 HK) delivered a painful net loss of US$41 million in the first quarter compared to a profit of US$259 the year before, as nightclubs and restaurants around the region were shut amid the coronavirus pandemic.
The group, which carries beer brands such as Corona, Hoegaarden and Stella Artois, said its quarterly revenue dropped 39 per cent to US$956 million during the period, according to its financial results released before market opening today.
The company said it recorded “almost no activities” from nightlife channels when restaurants and bars were abruptly closed in January and February to contain the spread of Covid-19, dragging its Chinese market revenue down by 45.4 per cent. 
Budweiser APAC raised US$5 billion on the Hong Kong bourse in September, making it the fourth-largest initial public offering worldwide last year, but its shares have fallen almost 20 per cent since its debut. This year, its shares slumped 24 per cent in the first quarter and have rallied 8.8 per cent since April 1.
As of Wednesday’s market close, its stock was down 1.6 per cent to HK$21.75.
-- Kathleen Magramo


Budweiser APAC posts net loss of US$41 million in first quarter

Overnight markets/what futures foretell
  - The S&P 500 declined 0.7 per cent, the Dow Jones fell 0.9 per cent and the Nasdaq rose 0.5 per cent. Europe’s Stoxx 50 Index dropped 1.1 per cent.  - Hong Kong futures were down 0.8 per cent, while the FTSE China A50 futures fell 0.3 per cent.
IPO debuts: Xi’An Peri Power Semiconductor Converting Technology (300831 CH) and Northking Information Technology (002987 CH) will make their trading debuts on the mainland. Raffles Interior Limited (1376 HK) will make its trading debut in Hong Kong.
Select economic data: April Caixin China PMI Composite and April Caixin China PMI Services
Government and central bank action: Nothing major scheduled
Earnings: Budweiser (1876 HK) and HKEX (388 HK)


Morning guidance

1)     Midea Real Estate Holding (3990 HK) said it achieved contracted sales of 24.12 billion yuan in the four months through April, with the corresponding gross floor area sold approximately 2.3 million square metres.
2)     China Evergrande Group (3333 HK) achieved contracted sales of 212.5 billion yuan for the first four months of the year, up 19.4 per cent when compared to the same period in 2019. The sales area was 23.7 million square metres, in a 43 per cent year on year increase. April alone saw contracted sales of 65.2 billion yuan, with a sales area of 7.13 million square metres.
3)     Yincheng International Holdings (1902 HK) achieved contracted sales of 2.4 billion in the first four months of 2020, with a gross floor area of 122,802 square metres, and an average contracted selling price of 19,327 yuan per square metre.
4)     Guangzhou R&F Properties (2777 HK) announced contracted sales of 25.9 billion through the first four months of the year, with a total 2.2 million square metres sold. In April its contracted sales amounted to 9.2 billion, with 817,200 square metres of gross floor area, in a year on year increase of 4 per cent and 14 per cent, respectively.
5)     China Vanke (2202 HK) achieved contracted sales area of 185.8 billion yuan for the first four months of the year, across an area of 11.88 million square metres. In April alone it achieved sales of 3 million square metres, with a contract sales amount of 47.95 billion yuan.
6)     Country Garden Holding (2007 HK) achieved net contracted sales of 49 billion for the month of April, in a year on year increase of 3.76 per cent, with a net contracted sales gross floor area of 5.89 million square metres, which represents a 16 per cent year on year increase.
-- Louise Moon 


Property sales figures

Chinese companies posted their weakest corporate earnings in a decade in the first quarter after the coronavirus outbreak shuttered factories and lockdown measures curtailed consumer spending. The worst may be over, according to Citic Securities, the nation’s biggest brokerage.
Profits for more than 3,000 companies listed on the Shanghai and Shenzhen exchanges — excluding those in the banking and petroleum sectors — fell 42 per cent on average from a year ago, according to Soochow Securities. Apparel manufacturers and transport-related companies suffered the most during the health crisis, it said.
The decline in earnings was only 24 per cent when companies in the two dominant industries were taken into account, analysts at the brokerage said in a report published on Tuesday.
Read full story here by stocks reporter Zhang Shidong


Chinese companies post weakest corporate earnings in a decade

The city’s benchmark is feeling pressure, as profit taking sets in on back-to-back days of gains and traders fret about the global economic toll of the coronavirus. And then there is the continuing tension between the US and China.
 The property sector is taking the biggest early hit, with an index tracking them down about 1 per cent.
Of note:
SMIC (981 HK), Wednesday’s big winner with a nearly 11 per cent gain on news it will list in the A-share market, continued to gain, rising 1.9 per cent to HK$17.22.
AAC Tech (2018 HK) extended its gain from Wednesday, advancing 0.7 per cent, on continued hopes for Huawei’s need for smartphone parts. 
Sa Sa International (178 HK) fell 0.7 per cent to HK$1.38, continuing its slide as investors question retail’s future as protests loom.
Tencent (700 HK) slipped 0.2 per cent to HK$409.20.
-- Deb Price 


Hang Seng opens down 0.6 per cent

The Shanghai Composite Index was down 0.06 per cent at 2,876.47 at the open.
Meanwhile, the CSI 300 gauge of large-caps listed in Shanghai and Shenzhen rose 0.03 per cent at 3,937.59 and the tech-focused ChiNext increased 0.2 per cent to 2113.75.
The world’s most valuable liquor distiller Kweichow Moutai (600519 CH) shed 0.05 per cent to 1299.40 yuan.
Luxshare Precision Industry (002475 CH) gained 0.5 per cent to 47.76 yuan and Goertek (002241 CH) picked up 0.05 per cent to 20.84 yuan. They both make Apple AirPods.
Ping An Insurance (601318 CH) declined 0.1 per cent to 73.70 yuan. Jiangsu Hengrui Medicine (600276 CH) rose 0.1 per cent to 96.55 yuan.
China International Travel Service (601888 CH) added 0.2 per cent to 90.44 yuan. China's largest construction equipment maker Sany Heavy Industry (600031 CH) was up 0.4 per cent to 20.22 yuan.
-- Kathleen Magramo


Shanghai Composite falls slightly at the open

Xi’An Peri Power Semiconductor Converting Technology (300831 CH) shot up 32.2 per cent to 5.26 yuan against a listing price of 3.98 yuan on Shanghai’s Nasdaq-like Star Market. It makes semiconductors and high voltage silicon components.
There is no limit on the first week of trading for IPOs on the Star Market. Such stocks are not available to northbound traders on the Stock Connect.
Northking Information Technology (002987 CH) jumped to the upside limit, gaining 44 per cent to 33.18 yuan from a listing price of 23.04 yuan on Shenzhen’s Small and Medium Enterprise Board.
It provides data processing and Internet finance solutions.
-- Kathleen Magramo


IPOs skyrocket in China

Asia-Pacific markets are mixed after Wall Street stocks mostly fell on another round of weak economic data.
Japan’s Nikkei 225 slipped 0.1 per cent after three sessions of holidays. Prime Minister Shinzo Abe on Monday extended the country's national state of emergency until the end of the month.
South Korea's Kospi fell 0.2 per cent, while the tech-heavy Kosdaq gained 1.3 per cent.
In Australia, which is facing its first recession in almost three decades, the S&P/ASX200 declined 0.3 per cent. The country is preparing to relax its lockdown, which has cost the economy an estimated A$4 billion (US$2.4 billion) a week, on Friday.
New Zealand's S&P/NZX50 Index rose 0.3 per cent.
Singapore's markets are closed for a public holiday.
-- Gigi Choy


Asia-Pacific markets mixed

In Hong Kong, the biggest turnover stocks are Haidilao (6862 HK), which fell 2.7 per cent to HK$34.15; Tencent (700 HK), which inched up less than 0.1 per cent to HK$410.20; and Ping An (2318 HK), which declined 0.5 per cent to HK$78.50.
The top blue chip gainers are Sunny Optical (2382 HK), which rose 1.2 per cent to HK$114.60; Geely Auto (175 HK), which gained 1 per cent to HK$12.70; and CSPC Pharma (1093 HK), which went up 0.3 per cent to HK$15.22.
In contrast, the biggest losers are Sino Land (83 HK), which declined 2.8 per cent to HK$10.54; CKI Holdings (1038 HK), which fell 2.5 per cent to HK$45.10; and Techtronic Industries (669 HK), which retreated 2.3 per cent to HK$62.85.
-- Gigi Choy


Hong Kong: Biggest turnover stocks; blue chip gainers and losers

Budweiser APAC (1876 HK) tumbled 3.7 per cent to HK$20.95 after it reported a net loss of US$41 million in the first quarter -- versus a profit of US$259 million a year ago -- as the coronavirus led to bars and restaurants to close.
Read full story here on the results.
-- Deb Price  


Budweiser APAC punished by investors on poor results

China’s Caixin/Markit PMI composite manufacturing purchasing managers’ index (PMI) was at 47.6 in April, remaining in contractionary territory.
The gauge of sentiment among small, private producers in China was at 46.7 last month.
The services purchasing managers index rose to 44.4 in April from 43.0 in March. 
The country’s official manufacturing PMI in April stood at 50.8 which shows a slight expansion, according to data released by the National Bureau of Statistics. It recorded an all-time low of 35.7 in February.   
-- Kathleen Magramo


China’s Caixin/Markit April purchasing managers index rose to 47.6, still in contraction

Raffles Interior (1376 HK) shot up 44 per cent on its trading debut to HK$0.72 from its HK$0.50 listing price.
The Singapore-based interior fitting-out services provider was 13.17 times oversubscribed.
-- Gigi Choy


Raffles Interior soars on debut

Top turnover stock Haidilao (6862 HK) declined 1.6 per cent to HK$34.55.
The controlling shareholder of the Chinese hotpot chain is selling 0.9 per cent of its shares at a price of HK$32.20 per share, according to a stock exchange filing on Thursday before market open. That's lower than the restaurant's HK$35.10 close price Wednesday.
Hong Kong's struggling restaurants have been hard-hit by social-distancing measures aimed to curb the spread of the new coronavirus. The government will relax the restrictions starting on Friday, allowing gatherings of up to eight people in public and in restaurants, double the number previously allowed.
-- Gigi Choy


Haidilao falls after controlling shareholder sells stock

Airlines continue to struggle despite a rebound in tourism and travel spending in China after the country eased lockdown restrictions.
China Eastern (670 HK) (600115 CH) fell 2 per cent to HK$2.87 and slid 1.2 per cent to 4.23 yuan in Shanghai.
China Southern (1055 HK) (600029 CH) dropped 2.3 per cent to HK$3.42 and declined 1 per cent to 5.17 yuan in Shanghai.
Air China (753 HK) (601111 CH) decreased 2.1 per cent to HK$5.09 and fell 1.1 per cent to 6.91 yuan in Shanghai.
Meanwhile, Hong Kong’s de facto flag carrier Cathay Pacific Airways (293 HK) retreated 1.5 per cent to HK$8.98.
-- Gigi Choy


Chinese Airlines and Cathay Pacific shares lose altitude

The biggest northbound turnover stocks to Shanghai are: 
Chipmaker GigaDevice Semiconductor (603986 CH) which rose 3.5 per cent to 225.60 yuan.
Smartphone component maker Wingtech Technology (600745 CH), which fell 0.4 per cent to 113.49 yuan.
Ping An Insurance (601318 CH), which slipped 1.1 per cent to 77.99 yuan.
The largest northbound stocks to Shenzhen include:
Telecommunications equipment maker ZTE Corp.  (000063 CH) which gained 2.6 per cent to 43.01 yuan.
Shijiazhuang Yiling Pharmaceutical (002603 CH) which shot up 8.8 per cent to 34.35 yuan.  Integrated circuit products maker Tianshui Huatian Technology (002185), which slipped 1.1 per cent to 13.57 yuan.
Popular southbound stocks include:
Haidilao (6862 HK), which fell 1.6 per cent to HK$34.55.
Tencent (700 HK) which was down 0.2 per cent to HK$409.20.
Semiconductor Manufacturing International Corporation (981 HK), better known as SMIC, which jumped 3.8 per cent to HK$17.54.
-- Kathleen Magramo 


Stock Connect: Biggest turnover stocks

Jefferies believes sales recovery in China is on its way with the government boosting domestic consumption and curbing unemployment but said recovery will take time in Hong Kong due to lack of tourists.
Domestic tourist receipts totaled 48 billion yuan, and there were 115 million tourists on the mainland over the extended Labour Day holiday. This is 42 per cent and 59 per cent of last year's four-day "Golden Week".
The investment bank sees further relaxation in policy after the holiday but noted that local governments are discouraging travel outside of China, which means most of the consumption will be kept within the mainland.
Meanwhile, Hong Kong -- which has recorded no locally transmitted cases for 17 straight days -- will get a boost from higher domestic traffic from pent-up demand, Jefferies said, but retailers can only rely on domestic spending because tourists are "non-existent".
No group package tours came to Hong Kong this "Golden Week", the first time since the launch of the Individual Visit Scheme (IVS) -- which allows tourists from mainland China to visit Hong Kong and Macau on an individual basis -- in 2003.
"Higher traffic should be expected but conversion rate depends on individual brands' and retailers' brand equity or promotion activities," the analysts wrote in a note. The city of 7 million people has relaxed social-distancing measures imposed to contain the new coronavirus. The government eased restrictions on public gatherings -- doubling the limit from four to eight people -- and allowed eight types of business, including bars, gyms, cinemas, beauty salons and mahjong parlours to reopen from Friday subject to conditions.
Jefferies' sector top picks are Chinese sportswear giant Li Ning (2331 HK), Tsingtao Brewery (168 HK), the world's most valuable liquor distiller Kweichow Moutai (600519 HK) and US-listed fast-food restaurant operator Yum China Holdings (NYSE: YUMC).
Li Ning fell 0.2 per cent to HK$25.55. Tsingtao rose 0.3 per cent to HK$49.45. Moutai gained 0.8 per cent to 1,309.91 yuan. Yum China jumped 2.7 per cent to US$47.22.
-- Gigi Choy


Jefferies positive on post-coronavirus sales recovery in China but less so for Hong Kong

Most new economy stocks are outperforming today. 
Ping An Good Doctor (1833 HK) jumped 3.3 per cent to HK$109.
China's largest movie ticketing app Maoyan Entertainment (1896 HK) rose 1.4 per cent to HK$11.22. It soared 9.1 per cent on Wednesday, after announcing a new video streaming product.
NetDragon Websoft (777 HK), a Chinese online gaming company offering online learning products, advanced 1.7 per cent to HK$21.40.
Ali Health (241 HK) gained 1.5 per cent to HK$18.04. Kingsoft (3888 HK) rose 1.2 per cent to HK$28.45. Its cloud storage subsidiary is eyeing an initial public offering IPO on the Nasdaq.
Food delivery giant Meituan Dianping (3690 HK) went up 0.9 per cent to HK$109.
Bucking the trend is Chinese smartphone and home appliance maker Xiaomi (1810 HK), which fell 0.4 per cent to HK$10.46.
-- Gigi Choy


Hong Kong’s new economy stocks make gains

China's exports unexpectedly rose 3.5 per cent in April from a year earlier, beating forecasts. Analysts in a Bloomberg poll had predicted an 11 per cent shrinkage. Last month's figure was up from a 6.6 per cent fall in March and much better than the combined minus 17.2 per cent collapse in January and February.
Imports fell by 14.2 per cent, worse than Bloomberg’s poll, the median forecast of which was minus 10 per cent. April’s imports were also down from March’s reading of minus 0.9 per cent, and January-February’s minus 4 per cent.
That means China’s trade balance was US$45.34 billion in April, up from US$19.9 billion in March.
Read more here.


China’s exports beat expectations, but imports tumbled

The Shanghai Composite Index was up a teensy 0.01 per cent at 2,878.43 at the break.
The Shenzhen Component Index rose 0.2 per cent at 10,904.78 and the tech-focused ChiNext in Shenzhen increased 0.1 per cent at 2,112.22.
Meanwhile, the CSI 300 gauge of large-caps listed in Shanghai and Shenzhen turned down 0.03 per cent at 3,935.
The world’s most valuable liquor distiller Kweichow Moutai (600519 CH) rose 1 per cent to 1,313.01 yuan.
Goertek (002241 CH) declined 1.2 per cent to 20.84 yuan and Luxshare Precision Industry (002475 CH) fell 0.8 per cent to 47.13 yuan. They both make Apple AirPods.
China International Travel Service (601888 CH) gained 0.6 per cent to 90.82 yuan. Jiangsu Hengrui Medicine (600276 CH) stayed flat at 96.42 yuan. Ping An Insurance (601318 CH) declined 0.8 per cent to 73.21 yuan. 
China's largest construction equipment maker Sany Heavy Industry (600031 CH) slipped 0.04 per cent to 20.21 yuan.
-- Gigi Choy


Shanghai Composite rises slightly at lunch

The Hang Seng Index fell 0.6 per cent to 24,005.13 at the break.
Index heavyweight Tencent (700 HK) stayed flat at HK$410.
Meanwhile, e-commerce giant Alibaba (9988 HK), which owns the South China Morning Post, fell 1.7 per cent to HK$190.40.
Semiconductor Manufacturing International Corp, or SMIC, (981 HK), Wednesday’s big winner with a nearly 11 per cent gain on news it will list in the A-share market, continued to gain, jumping 2.5 per cent to HK$17.32.
AAC Technologies (2018 HK) extended its gain from Wednesday, rising 0.3 per cent to HK$38.05, on continued hopes for Huawei’s need for smartphone parts. 
Chinese hotpot chain Haidilao (6862 HK) declined 0.7 per cent to HK$34.85 after its controlling shareholder said it would sell 0.9 per cent of its shares at HK$32.20 per share.
-- Gigi Choy


Hong Kong ends morning session down

Stocks of note:
Budweiser APAC (1876 HK) declined 2.5 per cent on its weak first quarter results amid lockdowns to fight the coronavirus.
Ping An Good Doctor (1833 HK) has advanced 1.8 per cent to HK$107.40, trimming some of its earlier gains.
Health care stocks generally are strong. Ali Health (241 HK) gained 1.1 per cent to HK$17.98, CSPC Pharma has gained 1.4 per cent to HK$15.40, and Wuxi Biologics (2269 HK) rose 2.5 per cent to HK$121.80.
-- Deb Price


Hang Seng starts afternoon session down 0.8 per cent

Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia will not seek reappointment when his current term ends at the end of October 2021, the bourse announced.
HKEX has formed a selection committee, led by chairwoman Laura Cha, to find a replacement.
The announcement came as HKEX (388 HK) reported a 13 per cent decline in net profit in the first quarter mainly due to investment losses in the face of the coronavirus pandemic.
Its shares tumbled 3.2 per cent to HK$245.20.
Read more here.


HKEX chief executive set to leave at the end of his term in October next year

Wynn Macau (1128 HK) fell 0.6 per cent to HK$13.34 after reporting its first quarter revenue plunged 60.9 per cent to US$489 million year-on-year. It recorded a net loss of US$154.2 million versus a net profit of US$190.6 million over the same period.
The world's gambling capital suffered a huge blow due to the coronavirus pandemic, with casinos ordered to close for 15 days. The Chinese government also suspended the visa programme that allows mainlanders to visit Macau, the only legal place to gamble in China.
Macau's gross gaming revenue plummeted 97 per cent in April from a year earlier, the biggest drop on record, according to data from the Gaming Inspection & Coordination Bureau.
It’s been a weak day overall for casino stocks, as profit taking set in after two days of gains in the sector. Traders lack confidence in the sector until there is news China will resume the visa programme, but also want to be holding the stock for the anticipated big gain then. 
MGM China (2282 HK) tumbled 2.4 per cent to HK$9.21. Sands China (1928 HK) fell 2.1 per cent to HK$30.65. SJM Holdings (880 HK) retreated 2.1 per cent to HK$7.57. Melco International (200 HK) declined 1.6 per cent to HK$13.82. Galaxy Entertainment (27 HK) fell 0.8 per cent to HK$50.75.
-- Gigi Choy


Wynn Macau slips on results; casino stocks see profit taking after two days of gains

PetroChina (857 HK) (601857 CH), the nation’s largest oil and gas producer, fell 1.9 per cent to HK$2.64 and slipped 0.4 per cent to 4.45 yuan in Shanghai.
CNOOC (883 HK), China’s dominant offshore oil and natural gas producer, dropped 1.3 per cent to HK$8.51.
Sinopec (386 HK) (600028 CH), the country’s biggest oil refinery, declined 0.5 per cent to HK$3.66 and 4.41 yuan in Shanghai.
International benchmark Brent crude retreated 1.2 per cent to US$29.36 a barrel, while US marker West Texas Intermediate fell 1.6 per cent to US$23.60 a barrel.
-- Gigi Choy


Chinese oil shares down

Budweiser APAC (1876 HK) estimates its April sales to decline by 17 per cent in China, improving from the 46.5 per cent drop during the first quarter. 
It said more than 85 per cent of restaurants had reopened in China by April, which would help boost its on-premise sale of premium beers to customers, its executives said on a phone call with analysts and reporters after the results.
Its shares are down 2.8 per cent to HK$21.15.
-- Kathleen Magramo


Budweiser APAC says restaurant reopening will improve sales in April in China

Restaurant shares mostly dropped after the industry reported grim results.
Earnings for the city's food and beverage industry shrank 31.2 per cent in the first quarter, the biggest year-on-year decline on record, official figures showed on Wednesday.
Fast food giant Cafe de Coral (341 HK) fell 2.1 per cent to HK$15.92. Its competitor Fairwood (52 HK) retreated 2.6 per cent to HK$18.46.
Chinese hotpot chain Haidilao (6862 HK) declined 2 per cent to HK$34.40.
Japanese ramen restaurant Ajisen (538 HK) stayed flat at HK$1.73.
Since March, restaurants were ordered to operate at half capacity and limit the number of diners to four per table, with each table spaced 1.5 metres apart. The government will begin to ease coronavirus restrictions on Friday, allowing public gatherings of up to eight people and most entertainment venues such as cinemas and mahjong parlours to reopen.
-- Gigi Choy


Hong Kong’s restaurants slide on ongoing concerns about virus

The Shanghai Composite Index finished down 0.2 per cent to 2871.52.
Meanwhile, the CSI 300 gauge of large-caps listed in Shanghai and Shenzhen shed 0.3 per cent to 3924.89 and the tech-focused ChiNext fell 0.2 per cent to 2106.84 yuan.
Apple AirPod makers tumbled. Luxshare Precision Industry (002475 CH) declined 1.4 per cent to 46.87 yuan while Goertek (002241 CH) slipped 1.7 per cent to 20.49 yuan.
Ping An Insurance (601318 CH) declined 0.8 per cent to 73.23 yuan. Liquor distiller Kweichow Moutai (600519 CH) rose 0.9 per cent to 1312 yuan.
Jiangsu Hengrui Medicine (600276 CH) gained 0.2 per cent to 96.60 yuan. China International Travel Service (601888 CH) advanced 1.1 per cent to 91.20 yuan. China's largest construction equipment maker Sany Heavy Industry (600031 CH) was up 0.4 per cent to 20.29 yuan.
Telcos slipped 1.8 per cent, airport aviation stocks dropped 1.6 per cent and jewellery companies fell 1.1 per cent.
-- Kathleen Magramo


China benchmarks end lower, AirPod makers slide

Hong Kong property developers including Sun Hung Kai Properties (16 HK), Sino Land (83 HK), Henderson Land Development (12 HK) and CK Asset (113 HK) snapped a two-day winning streak.
SHK Properties retreated 1.5 per cent to HK$102.50. Sino Land slid 1.2 per cent. Henderson Land fell 0.7 per cent to HK$30.25. CK Asset declined 0.5 per cent to HK$3.98.
Bucking the trend was Country Garden (2007 HK), which gained 0.4 per cent to HK$9.79.
-- Gigi Choy


Most property developers fall

The Hang Seng Index ended the day 0.7 per cent lower at 23,980.63.
Noteworthy moves included:
Hong Kong Exchanges and Clearing, or HKEX, (388 HK) retreated 2.8 per cent to HK$246.40. Chief executive Charles Li Xiaojia will not seek reappointment at the end of his term in October 2021, the bourse announced this afternoon.
Semiconductor Manufacturing International Corp, or SMIC, (981 HK), Wednesday’s big winner with a nearly 11 per cent gain on news it will list in the A-share market, inched ahead by 0.2 per cent to HK$16.94.
Budweiser Brewery APAC (1876 HK) dropped 2.5 per cent to HK$21.20, after posting a net loss of US$41 million in the first quarter.
E-commerce giant Alibaba (9988 HK) fell 1.6 per cent to HK$190.50. Internet titan Tencent (700 HK) declined 0.7 per cent to HK$407.20.
-- Gigi Choy
