HONG KONG -- China and Hong Kong markets opened lower on their first trading day of 2024, having ended 2023 as two of the year's worst performers and amid lingering concerns over Beijing's crackdown on the tech sector and a prolonged property slump, as well as a slowdown in production activity and lukewarm consumption.
Hong Kong's flagship Hang Seng Index ended Tuesday 1.5% lower, with major constituents insurance company AIA and delivery company Meituan dropping 3.5% and 3.1%, respectively. Tencent Holdings, which had $46 billion of its market cap wiped out on Dec. 22 after Beijing issued a draft regulation to curb gaming spending, saw its shares climb a modest 1.0%.
