--- title: "China and Hong Kong stocks drop as markets struggle for direction" type: "News" locale: "en" url: "https://longbridge.com/en/news/284345836.md" datetime: "2026-04-28T08:57:22.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284345836.md) - [en](https://longbridge.com/en/news/284345836.md) - [zh-HK](https://longbridge.com/zh-HK/news/284345836.md) --- # China and Hong Kong stocks drop as markets struggle for direction (Updates to market close) By Summer Zhen HONG KONG, April 28 (Reuters) - China and Hong Kong stocks fell on Tuesday as the artificial intelligence-led rally took a breather, leaving investors scouring for fresh catalysts to sustain the upward momentum. By the close, China’s blue-chip CSI300 Index (.CSI300) was down 0.3%, while the Shanghai Composite Index (.SSEC) traded 0.2% lower. Hong Kong’s Hang Seng Index (.HSI) lost 0.95%. Some AI-related stocks led the losses. In Hong Kong, large language model upstarts Knowledge Atlas (2513.HK) and Minimax (0100.HK) retreated 13% and 4%, respectively. Hong Kong-listed Chinese internet majors (.HSTECH) fell 2.3%. The sub-sector is down more than 12% so far this year. In mainland A-shares, cloud computing (.CSI931469) and software (.CSI932094) sectors led the decline, while semiconductors (.CSI931865) closed slightly higher. Analysts said investors are taking a wait-and-see approach as they digest a flurry of first-quarter earnings by Chinese tech companies, as well as taking light positions ahead of the five-day Labour Day holiday starting on May 1. Market focus has shifted from recovery of liquidity to earnings, Nanhua Futures said in a note. “China’s AI adoption has yet to lead to meaningful impact on jobs or earnings,” BofA Securities said in a note on Tuesday. It explains why China’s tech rally lags its peers in Asia and the U.S., they added. On the policy front, China’s top leadership on Tuesday indicated that they will keep the market liquidity sufficient as they reiterated China’s “proactive” fiscal stance and “appropriately loose” monetary policy. Also weighing on sentiment is China ordering U.S. tech major Meta (META.O) to unwind its acquisition of AI startup Manus, raising concerns over Beijing’s tighter control over Chinese AI talent and technology. Hong Kong shares of electric vehicle battery major CATL (3750.HK) lost 6.9% after the firm completed a share placement on Tuesday to raise $5 billion. The shares ​were sold at a 7% discount to Monday’s closing price. ### Related Stocks - [00100.HK](https://longbridge.com/en/quote/00100.HK.md) - [000300.CN](https://longbridge.com/en/quote/000300.CN.md) - [00HSI.HK](https://longbridge.com/en/quote/00HSI.HK.md) - [02513.HK](https://longbridge.com/en/quote/02513.HK.md) - [STECH.HK](https://longbridge.com/en/quote/STECH.HK.md) - [603093.CN](https://longbridge.com/en/quote/603093.CN.md) - [02691.HK](https://longbridge.com/en/quote/02691.HK.md) - [BAC.US](https://longbridge.com/en/quote/BAC.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [03750.HK](https://longbridge.com/en/quote/03750.HK.md) - [300750.CN](https://longbridge.com/en/quote/300750.CN.md) - [BAC-Q.US](https://longbridge.com/en/quote/BAC-Q.US.md) - [BML-L.US](https://longbridge.com/en/quote/BML-L.US.md) - [BAC-L.US](https://longbridge.com/en/quote/BAC-L.US.md) - [BAC-K.US](https://longbridge.com/en/quote/BAC-K.US.md) - [BML-H.US](https://longbridge.com/en/quote/BML-H.US.md) - [BAC-N.US](https://longbridge.com/en/quote/BAC-N.US.md) - [BAC-E.US](https://longbridge.com/en/quote/BAC-E.US.md) - [MER-K.US](https://longbridge.com/en/quote/MER-K.US.md) - [BAC-O.US](https://longbridge.com/en/quote/BAC-O.US.md) - [BML-G.US](https://longbridge.com/en/quote/BML-G.US.md) - [BAC-M.US](https://longbridge.com/en/quote/BAC-M.US.md) - [BAC-B.US](https://longbridge.com/en/quote/BAC-B.US.md) - [BML-J.US](https://longbridge.com/en/quote/BML-J.US.md) - [BAC-S.US](https://longbridge.com/en/quote/BAC-S.US.md) - [BAC-P.US](https://longbridge.com/en/quote/BAC-P.US.md) - [8648.JP](https://longbridge.com/en/quote/8648.JP.md) - [HCCD.SG](https://longbridge.com/en/quote/HCCD.SG.md) ## Related News & Research - [After tech giants, a new cohort of “AI tigers” finds footing in China](https://longbridge.com/en/news/283389393.md) - ['AI genuinely freaks me out': Do I leave my $150,000 job for a $215,000 role in data analytics - with a 50-minute commute?](https://longbridge.com/en/news/283979248.md) - [Meta employees react to pending job cuts: '28 days of hell'](https://longbridge.com/en/news/284036142.md) - [META Will Report Q1 Earnings on April 29 — Can Zuckerberg's AI Bet Fuel Another Stock Rally?](https://longbridge.com/en/news/284360394.md) - [Meta Plans to Cut Roughly 8,000 Workers in New Round of Layoffs](https://longbridge.com/en/news/283905407.md)