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Staff of Reuters 2 Min Read* The HK->Shanghai Connect daily quota was used 2.9 percent of the time, while the Shanghai->HK daily quota was used 6.9 percent of the time. The FTSE China A50 is down 0.6%. Reuters, July 9 – After eight straight sessions of losses, Hong Kong stocks rebounded on Friday, but it was their worst week in more than four months due to a tech sell-off fueled by regulatory concerns. ** The Hang Seng index increased by 0.7 percent to 27,344.54 points, while the China Enterprises Index increased by 0.6 percent to 9,885.42. ** HSI fell 3.4 percent this week, while HSCE fell 5.1 percent, both registering their worst week since late February. * The Hang Seng tech index fell to a nine-month low before rebounding to end 1.5 percent higher, aided by bargain hunting.** The index has fallen more than 30% from a record high set in mid-February, as Beijing increased regulatory pressure on the country’s IT heavyweights and platform businesses. * China’s securities regulator is forming a team to examine Chinese companies’ intentions for international initial public offerings (IPOs). * * China’s market regulator announced on Wednesday that a number of internet businesses, including Didi Chuxing, Tencent, and Alibaba, had been punished for failing to report past merger and acquisition deals for clearance. ** This came after China’s cyberspace regulator announced on Sunday that it had ordered smartphone app stores to stop selling Didi Global Inc’s app after discovering that the ride-hailing giant had illegally collected users’ personal data.** The latest headlines on Sino-US tensions also weighed on sentiment. * * Two sources told Reuters that the Biden administration is planning to add more than ten Chinese companies to its economic blacklist as soon as Friday, citing alleged human rights violations and high-tech surveillance in Xinjiang. ** After an amended US executive order restricted domestic investment in corporations with claimed ties to China’s military, the S&P Dow Jones Indices and FTSE Russell opted to remove more Chinese companies from their indices late on Wednesday. (Shanghai Newsroom contributed reporting; Subhranshu Sahu edited the piece.)/nRead More

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