Hong Kong stocks fell to the biggest weekly loss since October as disappointing results from e-commerce platform operator JD.com and insurer AIA Group clouded the earnings outlook. Cash-strapped developer Kaisa Group crashed after trading resumed. The Hang Seng Index slumped 3 per cent to 19,319.92 at the close of Friday trading, bringing the drop to 6.1 per cent this week. The Tech Index fell 3.8 per cent, while the Shanghai Composite Index in Shanghai retreated 1.4 per cent. JD.com sank 11 per cent to HK$158.70, after its fourth-quarter revenue growth slowed to 7 per cent from 23 per cent a year earlier. AIA slid 4.6 per cent to HK$81.55 after reporting a 1 per cent drop in operating profit. Alibaba Group weakened 4 per cent to HK$81.15 and Tencent lost 2.5 per cent to HK$331.60. BYD tumbled 8.1 per cent to HK$201.20 and Geely Auto declined 5.5 per cent to HK$9.47. “What we are seeing now is a weak economic recovery and disappointing earnings results so far,” said Wang Zheng, chief investment officer at Jingxi Investment Management in Shanghai. The market is worried the recent run-up has no fundamental support, he added. The Hang Seng Index has dropped 15 per cent from a January high, after surging about 50 per cent from late-October on the back of Beijing’s zero-Covid pivot. Government reports this week showed China’s imports and exports cooled in February, while factory-gate prices deflated again. The Federal Reserve’s hawkish tone also raised concerns about capital outflows from emerging markets. Sentiment was also affected by concerns about a wider fallout from the collapse of Silvergate Capital, which triggered a rout in US banking stocks in New York. Elsewhere, Chinese developer Kaisa Group tumbled 21 per cent to HK$0.66 after the stock resumed trading following a year of suspension for failing to publish its accounts on time. Contemporary Amperex, the world’s biggest maker of lithium-ion batteries for electric vehicles, gained 2.2 per cent to 405.79 yuan in Shenzhen. Its net income jumped 93 per cent to 30.7 billion yuan (US$4.4 billion) in 2022. Three companies began trading on Friday. JF Wealth added 0.8 per cent to HK$17.14 in Hong Kong. Xinjiang Baodi Mining surged 44 per cent to 6.31 yuan in Shanghai, while Shanghai Tieda Electronic gained 21 per cent to 4.09 yuan in Beijing Other major Asian markets all headed south. Japan’s Nikkei 225 tumbled 1.7 per cent and South Korea’s Kospi slid 1 per cent, while Australia’s S&P/ASX 200 lost 2.3 per cent.