Chinese tech, EV stocks fall; Soho China drops on failed deal

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SINGAPORE — Shares in Asia-Pacific largely slipped in Monday trade, with stocks in Hong Kong leading losses.

Hong Kong-listed shares of Alibaba dropped 4.47% following a Financial Times report that Beijing wants to break up Ant Group’s Alipay and force the creation of a separate loans app.

Other Chinese tech stocks also declined, with Tencent falling 3.67% while Meituan slipped 6.32%. The Hang Seng Tech index dropped 2.83%.

Chinese electric vehicle stocks fell after the country’s industry minister said consolidation in the sector is needed as there are “too many” EV makers in China. BYD dropped 3.82% while Xpeng slipped 2.67%.

Meanwhile, Chinese property developer Soho China plunged 34.86% after a takeover deal by Blackstone Group fell through. Soho China said in a filing on Friday that Blackstone has decided not to go through with its $3 billion bid to buy the developer.

Hong Kong’s broader Hang Seng index dropped 1.98%. Mainland Chinese stocks were mixed, with the Shanghai composite up fractionally while the Shenzhen component declined 0.507%.

Other Asia-Pacific markets

Stock picks and investing trends from CNBC Pro:

Looking ahead for the week, the U.S. consumer price index for August is set to be out on Tuesday, while retail sales figures stateside are expected Thursday. A slew of Chinese economic data, including retail sales and industrial production for August, is also set to be out on Thursday.

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