Hong Kong Indices Fall as Tech and Auto Stocks Slide, Li Auto Plunges

Hong Kong’s equity market weakened on May 18, with all three major indices declining by midday. The Hang Seng Index fell 1.35% to 25,612.57, the Hang Seng Tech Index dropped 2.08% to 4,824.99, and the China Enterprises Index lost 1.28%.

Technology and internet stocks led the decline. Bilibili fell more than 2%, while Tencent, Kuaishou, JD.com, NetEase, and Alibaba each dropped over 1%. Property stocks also retreated, with Longfor Group down more than 7% after official data showed real estate investment in the first four months fell 13.7% year‑on‑year, worse than expectations. Residential investment dropped 13.1%, with construction, new starts, and completions all showing double‑digit declines.

Auto stocks were hit hard, with Li Auto plunging more than 14%. The sector has come under pressure as multiple fuel‑vehicle makers launched price cuts. Changan Automobile’s Yidong Classic Edition debuted at RMB 64,900, 26% below its guide price. Industry data showed average discounts of RMB 23,000 in April, or 17.2% off average prices.

In contrast, Wingtech Technology surged more than 81% on its first trading day. The IPO was heavily oversubscribed, with 14,855.4 times subscription in the public offering. Of 4.92 million shares offered publicly, about 330,300 valid applications were received, with a one‑lot allocation ratio of roughly 3%.