Hong Kong stocks fell from a three-week high after a series of earnings disappointments from Chinese companies including Tencent Holdings, which also deflated speculation about an expanded stock buyback programme. The Hang Seng Index slid 0.9 per cent to 21,945.95 at the close of Thursday trading. The Tech Index lost 3 per cent while the Shanghai Composite Index retreated 0.6 per cent. Tencent slumped 5.9 per cent to HK$366 as the WeChat operator failed to announce a plan to boost its existing repurchase plan, having spent HK$2.6 billion (US$332 million) in 2021 on its own shares. Alibaba Group Holding, the owner of this newspaper, slid 3.2 per cent to HK$113.80, ending a three-day rebound. Tencent, China’s biggest video-game developer, also posted smaller core earnings. Excluding one-time gain from sale of assets and investments such as JD.com stake reduction, operating profits declined 23 per cent, according to results late Wednesday. “The downward economic cycle, polity tightening and the flare-up in Covid19 are still there,” said Yan Xiang, a strategist at Founder Securities. “All these headwinds are adding uncertainty to the outlook of Hong Kong stocks.” Chinese tech stocks at rock bottom get buy-back seal of approval after Goldman predicts upside Apple parts supplier Sunny Optical sank 8.1 per cent to HK$129.40 while Hengan International slipped 2.4 per cent to HK$35.20 after both companies reported earnings that trailed analysts’ projections. Before today’s slip-up, Hang Seng Index members have regained about US$730 billion in market value since the benchmark index rebounded from a 10-year low on March 15. A record US$25 billion buyback plan from Alibaba and Xiaomi helped trigger a rally, after an encouragement from top Chinese regulators last week. Chinese hotpot restaurant operator Haidilao jumped 9.4 per cent to HK$14.48 after China International Capital Corp said table turnover rate, a key business metric, recovered in the first two months this year. China Mobile climbed 3 per cent to HK$56 after earnings grew 8 per cent and JPMorgan upgraded the stock. So far, 43 of the 66 members on the Hang Seng Index members have released their latest 2021 reports, with earnings trailing market consensus by an average of 0.8 per cent, according to Bloomberg data. Other key reports Thursday will come from China Life Insurance and China Resources Beer. Most markets in Asia-Pacific weakened, except in Australia, as US Treasuries halted a sell-off triggered by a hawkish stance by the Federal Reserve following a lift-off last week.