Key News
Asian equity markets were mixed overnight on light volumes as investors worried about financial contagion. Hong Kong had a volatile day as Jack Ma’s visit to China lifted Alibaba and the market, a rally that ran out of out of steam in the afternoon.
Baidu fell -3.17% due to rumors of a delay in its ERNIE chat bot launch. Meituan fell -6.28% and was today’s most heavily traded in Hong Kong by value after the company’s Q4 financial results, which were announced after the close on Friday, beat estimates. The stock’s drop is likely driven by Tencent’s decision to deliver a cash spinoff of Meituan, rather than shares, which obviously requires selling Meituan shares in the open market.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.