SHANGHAI, Jan 22 (Reuters) - Stocks in mainland China and Hong Kong gave up earlier gains and slipped on Thursday, weighed by non-ferrous metal shares after gold prices retreated amid easing geopolitical tensions, as U.S. President Donald Trump backed away from new tariff threats.
On Wednesday, Trump abruptly stepped back from threats to impose tariffs as leverage to seize Greenland, ruled out the use of force, and suggested that a deal was in sight to end a dispute over the Danish territory that risked the deepest rupture in transatlantic relations in decades.
At the midday break, the benchmark Shanghai Composite Index (.SSEC) eased 0.15%, while the blue-chip CSI300 Index (.CSI300) lost 0.46%.
Non-ferrous metal shares led the losses, with a sub-index tracking the sector (.CSI000811) falling 1.48% at the midday break. Western Region Gold (601069.SS) plunged 5.5%.
Spot gold (XAU=) was down about 0.8% after scaling a record peak of $4,887.82 in the previous session.
Semiconductor shares had a wild ride, with the sub-index (.CSIH30184) surging 2.5% to a record high before finishing morning deals down 1.26%.
William Bratton, head of cash equity research for APAC at BNP Paribas Exane, said that though they remained overall positive on Chinese equities in 2026, they preferred “materials, industrials, and technology sectors and sub-industries over their consumer-facing peers – a preference which is reflected in earnings trends and the recent economic data.”
Losses also came after the Shanghai and Shenzhen stock exchanges each took regulatory measures over the past week against hundreds of abnormal trading practices, such as price pumping and false orders. The bourses also launched probes into several listed companies over allegedly misleading statements.
The measures reflect regulators’ intention to slow the pace of market gains.
Britain and China will aim to revive a “golden era” business dialogue when Prime Minister Keir Starmer visits Beijing next week, sources told Reuters, with top company executives from both sides invited to participate.
In Hong Kong, the benchmark Hang Seng Index (.HIS) inched lower by 0.1%, while the city’s tech shares (.HSTECH) fell 0.41%.

China and Hong Kong stocks declined on January 22, with the Shanghai Composite Index down 0.15% and the CSI300 Index down 0.46%. Non-ferrous metal shares led the losses, influenced by a drop in gold prices amid easing geopolitical tensions. U.S. President Trump backed away from tariff threats, contributing to market shifts. Regulatory measures against abnormal trading practices also impacted investor sentiment. Despite the downturn, BNP Paribas Exane remains positive on Chinese equities for 2026, favoring materials, industrials, and technology sectors. The Hang Seng Index fell 0.1% in Hong Kong.

Reuters

Fortune SG SSE 180 Value ETF

ChinaAMC SSE Financials Sector ETF Initiating Fund

E Fund CSI 300 Financials (ex Banks) ETF

Hwabao WP CSI Banks ETF

Harvest SZSE SME-ChiNext Composite 300 ETF

E Fund CNI Value 100 ETF

ChinaAMC CSI Banks ETF

TRACKER FUND

HSCEI ETF

Huatai-PB CSI 300 ETF

ChinaAMC CSI 5G Communication ETF

FI2 CSOP HSI

Guotai CSI All Share Communications Equipment ETF

Fullgoal CSI 800 Banks ETF

ChinaAMC Hang Seng ETF

China Southern Hang Seng ETF

WP CSI Banks ETF

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

Huaan CSI Banks ETF

SANHE

Tianshun

BEIKEN

China, Hong Kong stocks slip as non‑ferrous metals slide on easing geopolitical tensions