Hong Kong stocks tumbled in its biggest weekly drop in six, after China indicated no hurry to reflate its faltering economy. Zhihu lost more than a fifth of its market value as US delisting concerns marred its trading debut. The Hang Seng Index slipped 0.2 per cent to a five-week low of 20,638.52 at the close of Friday trading. The index fell every day this week, bringing the setback to 4.1 per cent. The Tech Index rose 0.3 per cent, while the Shanghai Composite Index gained 0.2 per cent in Friday trading. Tencent declined 2.1 per cent to HK$340.60, while Alibaba Group Holding dropped 1.4 per cent to HK$86.65, pacing losses. Galaxy Entertainment and Ping An Insurance both weakened more than 1.9 per cent while PetroChina fell 0.8 per cent. China’s central bank doused bullish bets on policy easing after offering a token 25-basis point cut in banks’ reserve ratio last week, the smallest reduction in history. Commercial banks also kept their lending rates unchanged. President Xi Jinping offered no respite at the Boao Forum on Thursday, saying the economy remains resilient despite Covid-19 lockdowns. “Hong Kong stocks are just unattractive, no matter how you imagine it,” Stanley Chik, research director at Bright Smart Securities, said in a note on Friday. “China’s economic outlook has become uncertain.” The 66 Hang Seng Index members have lost more than US$130 billion in market value this week and US$368 billion this year. Bullish investors soaking up Chinese stocks have yet to see any major economic stimulus, despite China’s pledge to support the economy and markets. China’s securities watchdog on Thursday again called on institutional investors to buy more domestic stocks, saying the long-term growth momentum was still intact. It was the third time the regulator has chimed in to shore up confidence in the market. Hong Kong can take advantage of any ‘mass delisting’ of Chinese firms in US Separately, Zhihu sank as much as 27 per cent to HK$23.45 on its first day of trading, after the Tencent-backed firm completed a US$106 million listing deal. The US market regulator on Thursday added the Chinese knowledge-sharing platform with 16 other firms to a delisting blacklist over access to their audit papers. The stock fell 23.6 per cent to HK$24.50 at the close of trading. Elsewhere, Nongfu Spring slipped 0.6 per cent to HK$42.35. Goldman Sachs downgraded the stock to neutral from a buy on Thursday, according to Bloomberg data, and lowered its 12-month price target to HK$46 from HK$48. Bucking the trend, China Merchants Bank added 2.5 per cent to HK$52.05. The lender’s first-quarter net income probably increased 11.7 per cent from a year ago, according to analysts tracked by Bloomberg, before its report card on Friday. Its shares tanked this week after the unexplained removal of its president on Monday. Four mainland firms started trading for the first time. Guangdong Cellwise Microelectronics sank 26 per cent in Shanghai, while Suzhou Novosense Microelectronics jumped 13 per cent. In Shenzhen, Qingyan Environmental Technology surged 100 per cent and Suzhou Alton Electrical & Mechanical Industry soared 32 per cent.