Intensified Competition in China's Tech Market Affects Hong Kong Stocks

The competition in China's technology market has intensified, impacting Hong Kong stocks. According to Ming Pao, ByteDance has entered the red envelope battle, causing Tencent (0700) to shift from gains to losses, which in turn reduced the rise in Hong Kong stocks. The Hang Seng Index opened 175 points higher yesterday, with early gains expanding to 370 points, approaching 27,400 points. However, as midday approached, the upward momentum significantly narrowed, and in the afternoon, it increased by only 77 points at one point. The index closed up 155 points or 0.58%, at 27,183 points. As the holiday atmosphere grows, trading volume has decreased to a recent low.