HONG KONG: Hong Kong shares finished down on Thursday, pressured by tech groups ahead of earnings amid regulatory concerns, while real estate developers dropped on liquidity troubles. The Hang Seng index fell 1.3%, to 25,319.72, while the China Enterprises Index lost 1.7%, to 9,036.04 points.

Tech companies listed in Hong Kong dropped 3%, their biggest intraday decline since Oct. 27. Alibaba Group slumped 5.3% ahead of results later in the day, while Meituan shed 2.5%.

Alibaba’s Singles Day sales grew at the slowest pace ever, underscoring strong regulatory and supply chain headwinds for China’s tech companies. Analysts said expectations for Alibaba are low and earnings will not likely be a driver of the stock.

What matters now is whether the regulatory tightening is ending, otherwise any positive movement in the sector is simply not sustainable, analysts said.