Jul 3, 2025, 11:35 GMT+7
(Reuters) - Hong Kong shares fell on Thursday, led by tech stocks, as investors fretted that intensifying competition among e-commerce giants could squeeze profit margins. China stocks edged up.
** China's blue-chip CSI300 Indexrose 0.5% by the lunch break, while the Shanghai Composite Indexwas up 0.1%. Hong Kong benchmark Hang Sengwas down 1%.
** E-commerce giant Alibabashares listed in Hong Kong fell nearly 4%, leading declines in Hong Kong, after the company announced a 50-billion-yuan ($6.98 billion) subsidy programme to merchants and customers on Wednesday.
** "Alibaba's plan to offer $7 bn of subsidies for food delivery and online retail implies competition is heating up again among China e-commerce companies," said UBS analysts.
** Shares of on-demand delivery giant Meituandropped 2.5%, while JD.comfell 1.7%.
** Meanwhile, a prominent Chinese Communist Party publication called for a crackdown on competition that fuels price wars and squeezes profits in various industries, criticising large companies and local governments for unfair practices.
** China's services activity expanded at the slowest pace in nine months in June, as demand weakened and new export orders declined amid a fragile trade truce with the United States, a private sector survey showed on Thursday.
** China's semiconductor shareswere little moved after U.S. chip design software developers said they have received notices lifting restrictions on exports to China.
** The U.S. cleared the way to resume ethane exports to China on Wednesday, sending letters to producers Enterprise Products Partnersand rescinding a restrictive license requirement put in place just weeks ago, a sign that the U.S.-China trade truce was on track.
** Healthcare shares led gains onshore, up 1.1%, as Beijing ramped up policy support for the country's innovative drugs.
** Biotech stocks also rose in Hong Kong, with Ascentageup 8.4%.
($1 = 7.1643 Chinese yuan renminbi)

Sumber : Reuters