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The Hang Seng tumbled 409 points or 1.9% to close at 21,057 on Wednesday, snapping six-session of gains as U.S. futures plunged amid mounting uncertainty over U.S. trade tariffs. Markets fell from a two-month high after some major banks, including Morgan Stanley and UBS, cut China’s 2024 growth outlook due to tariff pressure. Goldman Sachs also warned that previous export frontloading may weigh on Q2 growth. China’s economy expanded 5.4% yoy in Q1, holding steady for the second quarter and beating consensus of 5.1%. Losses were almost broad-based, led by tech stocks, with the sector sinking 3.7% after Nvidia disclosed a potential $5.5 billion charge tied to new U.S. export curbs on its H20 AI chips. Alibaba fell 4.1%, and Tencent dipped 2.6%. Still, the index trimmed its early declines after Premier Li Qiang called for stronger efforts to boost consumption and domestic demand. Notable laggards included Meituan (-7.4%), Kuaishou Tech. (-4.6%), Wuxi Biologics (-4.5%), and Xiaomi (-4.4%).

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The Hang Seng tumbled 409 points or 1.9% to close at 21,057 on Wednesday, snapping six-session of gains as U.S. futures plunged amid mounting uncertainty over U.S. trade tariffs. Markets fell from a two-month high after some major banks, including Morgan Stanley and UBS, cut China’s 2024 growth outlook due to tariff pressure. Goldman Sachs also warned that previous export frontloading may weigh on Q2 growth. China’s economy expanded 5.4% yoy in Q1, holding steady for the second quarter and beating consensus of 5.1%. Losses were almost broad-based, led by tech stocks, with the sector sinking 3.7% after Nvidia disclosed a potential $5.5 billion charge tied to new U.S. export curbs on its H20 AI chips. Alibaba fell 4.1%, and Tencent dipped 2.6%. Still, the index trimmed its early declines after Premier Li Qiang called for stronger efforts to boost consumption and domestic demand. Notable laggards included Meituan (-7.4%), Kuaishou Tech. (-4.6%), Wuxi Biologics (-4.5%), and Xiaomi (-4.4%).

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The Hang Seng tumbled 409 points or 1.9% to close at 21,057 on Wednesday, snapping six-session of gains as U.S. futures plunged amid mounting uncertainty over U.S. trade tariffs. Markets fell from a two-month high after some major banks, including Morgan Stanley and UBS, cut China’s 2024 growth outlook due to tariff pressure. Goldman Sachs also warned that previous export frontloading may weigh on Q2 growth. China’s economy expanded 5.4% yoy in Q1, holding steady for the second quarter and beating consensus of 5.1%. Losses were almost broad-based, led by tech stocks, with the sector sinking 3.7% after Nvidia disclosed a potential $5.5 billion charge tied to new U.S. export curbs on its H20 AI chips. Alibaba fell 4.1%, and Tencent dipped 2.6%. Still, the index trimmed its early declines after Premier Li Qiang called for stronger efforts to boost consumption and domestic demand. Notable laggards included Meituan (-7.4%), Kuaishou Tech. (-4.6%), Wuxi Biologics (-4.5%), and Xiaomi (-4.4%).

周三中午左右，香港股市暴跌536点，跌幅2.5%，至20934点，结束了连续六个交易日的上涨势头，在恒生指数本周早些时候创下两个月新高后，投资者获利回吐。美国期货也大幅下跌，反映了华尔街隔夜的下跌，此前英伟达股价因美国政府对向中国和其他市场出口H20 AI芯片实施新限制的消息而暴跌。恒生科技指数下跌超过4%，美团领跌7.0%，而腾讯控股和阿里巴巴集团分别下跌2.4%和1.5%。消费者、金融和房地产股也下跌，尽管在北京刺激措施的支持下，第一季度GDP增长强于预期，但面对中美贸易紧张局势加剧，人们对中国增长前景的担忧日益加剧。尽管如此，乐观的3月经济活动数据帮助限制了进一步的下行。电动汽车制造商大幅下跌，小鹏汽车下跌7.4%，其次是吉利汽车（-4.9%）和李汽车（-3.9%）。

Hong Kong stocks plunged 536 points or 2.5% to 20,934 around midday Wednesday, snapping a six-session winning streak as investors took profits after the Hang Seng hit a two-month high earlier this week. U.S. futures also dropped sharply, mirroring overnight losses on Wall Street, after Nvidia shares slumped on news that the U.S. government imposed new restrictions on H20 AI chip exports to China and other markets. The Hang Seng Tech Index sank over 4%, led by a 7.0% decline in Meituan, while Tencent Holdings and Alibaba Group slipped 2.4% and 1.5%, respectively. Consumer, financial, and property shares also declined amid growing concerns about China’s growth outlook in the face of rising trade tensions with the U.S., despite stronger-than-expected Q1 GDP growth supported by Beijing’s stimulus efforts. Still, upbeat March activity data helped limit further downside. Electric vehicle makers posted sharp losses, with Xpeng down 7.4%, followed by Geely Auto (-4.9%) and Li Auto (-3.9%).