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Company News

China shares mixed as profit-taking, regulatory concerns about big techs weigh

* SSEC +0.1%, CSI300 -0.12%, HIS -0.08%

* Alibaba records over $56 bln in Singles’ Day orders

* China drafts anti-monopolistic rules aimed at tech giants

BEIJING, Nov 11 (Reuters) - China stocks were mixed on Wednesday as profit-taking in healthcare shares and concerns about tighter regulation over big tech firms offset optimism about consumption rebound and progress in developing a coronavirus vaccine.

** At the midday break, the Shanghai Composite index was up 0.09% at 3,363.07 points. ** China’s blue-chip CSI300 index was down 0.12%, with its financial sector sub-index higher by 0.03%, the consumer staples sector up 0.79%, the real estate index up 1.59% and the healthcare sub-index down 2.33%. ** Chinese H-shares listed in Hong Kong fell 0.3% to 10,555.17, while the Hang Seng Index was down 0.08% at 26,281.41. ** Chinese e-commerce giant Alibaba Group Holding Ltd said orders made during its Singles’ Day mega-shopping festival had exceeded $56 billion by Wednesday morning, as consumers sought to cash in on a deluge of discounts.

** Hong Kong-listed tech giants dropped after China drafted rules aimed at preventing monopolistic behaviour by internet platforms.

** While regulatory concerns could be the biggest risk factor going into 2021 for internet companies, the Chinese government is not aiming to curb the development of internet companies as the platform economy brings innovation and digitalisation to the overall economy, Daiwa analysts wrote in a report. ** The smaller Shenzhen index was down 0.73%, the start-up board ChiNext Composite index was weaker by 2.14% and Shanghai’s tech-focused STAR50 index was down 1.73%. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.64% while Japan’s Nikkei index was up 1.78%. ** The yuan was quoted at 6.597 per U.S. dollar, 0.29% firmer than the previous close of 6.616.

Reporting by Zhang Yan, Luoyan Liu and Andrew Galbraith; Editing by Ramakrishnan M.

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