Market Updates
China Indexes Traded Down Amid Worries of Higher Hurdles for U.S. Exports
Li Chen
03 Jul, 2025
Hong Kong
Stocks in China and Hong Kong faced headwinds as investors feared higher hurdles for Chinese exports to the U.S.
The Hang Seng index declined by more than 1%, while the mainland-focused index fluctuated around the flatline.
Market sentiment soured after the U.S. struck a preliminary trade agreement with Vietnam that increases import tax to 20% on most shipments.
Transshipped goods from China will face a higher duty of 40%, raising fears that the Trump administration is targeting China.
Trade negotiators are signaling that the Chinese goods shipped through Mexico, Malaysia, Indonesia, and Thailand are likely to face similar punitive import taxes.
Economists are still holding out for the Chinese economy to expand by 5%, the target set by the central government, but export-linked companies may face serious business disruptions in the second half.
China Indexes and Stocks
The Hang Seng index decreased 1.1% to 23,970.64, and the mainland-focused CSI 300 index edged up 0.5% to 3,962.33.
Smartphone and electric vehicle makers traded down amid worries of higher import barriers to the U.S.
Xiaomi Corp. decreased 4.4% to HK $57.50, Li Auto Inc. declined 1.2% to HK $102.20, BYD gained 1.2% to HK $123.10, and Xpeng Inc. edged up 0.8% to $72.90.
Internet platform operators declined after Alibaba Group announced an incentive program to attract merchants and users.
Alibaba Group Holding declined 1.5% to HK $105.50, Tencent Holdings Ltd. fell 0.5% to HK $499.0, JD.com Inc. decreased 1.6% to HK $125.90, and Meituan dropped 2.4% to HK $122.90.
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