Market Updates
China Indexes Face Headwinds Amid Frothy Valuations and New U.S. Tariffs
Li Chen
26 Sep, 2025
Hong Kong
China indexes turned lower for the third consecutive day amid a growing list of worries, compounded by additional U.S. tariffs.
The Hang Seng Index decreased 0.7%, and the mainland-focused CSI 300 index dropped 0.72 amid worries that the stocks are ahead of fundamentals.
Market indexes in China and Hong Kong have jumped more than 30% since April's low, as investors rotated into riskier assets from low-yielding fixed-income securities.
Investors bid up stocks ahead of the U.S. Federal Reserve's cut and elevated capital spending in AI products by leading tech companies in the U.S. and China.
However, investors are increasingly worried about the lofty valuations of tech companies and the durability of the AI-driven tech rally in the months ahead.
In addition, economists are not expecting additional fiscal steps after the annual meeting of top policymakers in October, which generally provides a roadmap for social and economic development for the next five years.
China Indexes and Stocks
The Hang Seng Index decreased 0.7% to 26,296.95, and the CSI 300 index fell 0.7% to 4,574.03, and the benchmark indexes are set to register their first weekly decline in three weeks.
Pharmaceutical companies traded down after the U.S. president announced his plans to impose as much as 100% duty on branded or patented drugs.
WuXi Biologics decreased 1.4% to HK$39.40, Wuxi AppTec declined 1.6% to HK$109.50, Hansoh Pharmaceutical Group fell 2.2% to HK$34.78, and Sino Biopharmaceutical edged down 0.1% to HK$7.95.
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