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Semiconductors lift China stocks; Hong Kong falls as Alibaba weighs

By Reuters News

By Summer Zhen

HONG KONG, Nov 12 (Reuters) - China stocks inched higher on Thursday, buoyed by semiconductor gains, while Hong Kong shares extended losses as heavyweights Alibaba and CK Hutchison weighed.


** China's blue-chip CSI300 Index .CSI300 edged up 0.1% by the lunch break, while the Shanghai Composite Index .SSEC rose 0.2%.

** Hong Kong's benchmark Hang Seng .HSI was down 0.9%.

** Alibaba Group 9988.HK dropped 5% by midday after the tech and e-commerce giant said it is pushing ahead with the spin-off of its chip business T-Head, dragging the Hang Seng Tech .HSTECH down 1.4%.

** The sell-off also comes amid muted expectations for this year's Singles' Day shopping festival as consumers tighten their purse strings.

** Hong Kong conglomerate CK Hutchison 0001.HK lost more than 4% after it reportedly paused a planned dual listing of retailer AS Watson Group.

** In mainland A-shares, semiconductor .CSI931865 and AI-related stocks .CSI930713 outperformed, tracking overnight Wall Street gains.

** Gold .CSI931238 and robotics shares .CSI930901 led the decline, on the other hand.

** Larry Hu, Macquarie Group's chief China economist, said Chinese equities' performance has been "disappointing" so far this year, largely due to the lack of stimulus policy to support domestic demand.

** Going into 2027, the strength of exports "will determine how much domestic stimulus Beijing will provide to meet the GDP growth target" and then drive the performance of Chinese equities, he said in a note.

** The smaller Shenzhen index .SZSC was up 0.08%, the start-up board ChiNext Composite index .CNT was higher by 0.06% and Shanghai's tech-focused STAR50 index .STAR50 was up 2.35%​.

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