Hong Kong stocks end lower as China fines Alibaba, other tech giants

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* HK->Shanghai Connect daily quota used -0.9%, Shanghai->HK daily quota used 0%

* HSI -0.4%, HSCE -0.1%, CSI300 +0.9%

* FTSE China A50 +1.2%

Dec 14 (Reuters) – Hong Kong stocks ended lower on Monday, weighed down by tech firms after China fined tech players for not reporting deals properly for anti-trust reviews, though prospects of further policy support in Beijing limited losses.

** The Hang Seng index fell 0.4% to 26,389.52, while the China Enterprises Index lost 0.1% to 10,443.12 points.

** Falling the most, the Hang Seng IT index shed 1.8%.

** China’s market regulator said on Monday it fined Alibaba Group, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan ($76,464.29). China has vowed to strengthen oversight of its tech giants, citing concerns that they have over the years managed to build monopolies that curb competition.

** Shares of Tencent, Alibaba and China Literature dropped 2.9%, 2.6% and 4.1%, respectively.

** Investors also maintained a cautious stance amid Sino-U.S. tensions and on uncertainty over the U.S. Electoral College vote.

** Electors will gather in state capitols across the country on Monday to formally vote for Joe Biden as the next U.S. president, effectively ending President Donald Trump’s frenzied but failing attempt to overturn his loss in the Nov. 3 election.

** China on Monday urged the United States to stop abusing state power to crack down on foreign companies, after Nasdaq said it will remove four Chinese companies’ from indexes in response to a U.S. order.

** Nasdaq said last week it will remove shares of four Chinese construction and manufacturing companies from indexes it maintains in response to a U.S. order restricting purchase of their shares.

** However, losses were limited by hopes of more policy support from Beijing after Finance Minister Liu Kun said China will step up fiscal policy support for a strategy to make its economy mainly rely on domestic demand, supply chains and innovation. (Reporting by the Shanghai Newsroom)

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