Kweichow Moutai fell 4 per cent Friday as traders locked in profits. Photo: Shutterstock Images

Hong Kong, China stocks tumble on heightened Sino-US tension and rout in market darlings

  • The Hang Seng Index falls 2 per cent for the biggest decline in almost three weeks
  • Drug makers slide on concern price cuts will erode profits and mainland traders trim favourite bets such as Kweichow Moutai
Topic |   China stock market

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Kweichow Moutai fell 4 per cent Friday as traders locked in profits. Photo: Shutterstock Images
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Alibaba’s mascots Tao Doll and Freshippo during the trading debut of the company’s shares on the Hong Kong stock exchange on 26 November 2019. Photo: Enoch Yiu

What is fungibility, and what’s the big deal with Alibaba’s fungible shares on New York and Hong Kong exchanges?

  • One American Depositary Share (ADS) of Alibaba (BABA) on the New York exchange is equivalent to eight Alibaba shares (9988) on the Hong Kong exchange
  • A fully fungible stock can be bought or sold in one marketplace to be converted or sold on another, and pricing on the two are unlikely to diverge too much from each other
Topic |   Explainers: Business

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Alibaba’s mascots Tao Doll and Freshippo during the trading debut of the company’s shares on the Hong Kong stock exchange on 26 November 2019. Photo: Enoch Yiu
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