Hong Kong Chinese stocks near bear market

Chinese stocks listed in Hong Kong are approaching a bear market, with the Hang Seng Index declining by as much as 2.3%, nearing a 20% loss from its peak last October. The decline is driven by weak consumer data and diminished investor confidence. The performance is also affected by concerns over US-Iran relations, along with declines in major tech company stocks such as Alibaba and Tencent, reflecting weak domestic demand and ongoing declines in retail sales since the economy reopened after the COVID-19 pandemic.

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