News about Hong Kong

U.S.-listed Chinese internet stocks Alibaba (BABA), JD.com (JD) and PDD Holdings (PDD) fell about 3.6%, 3.8% and 3.5% midday Wednesday, while the S&P 500 and Nasdaq rose. The Hang Seng Tech Index dropped 1.26% to 3,994.77, below 4,000 and its lowest since October 2024, while the Hang Seng closed 0.9% lower at 23,651.87. The KraneShares China Internet ETF (KWEB) lost about 2.5%, as U.S. tech stocks advanced on AI interest and news about SpaceX and Tesla. SPCX rose about 8% after reporting 161% revenue growth in the third quarter, and Musk said both companies had formed special committees to discuss a possible merger. The 10-year U.S. Treasury yield was near 5.1%, and Alibaba had reported a 75% profit decline for the June quarter.