The Hang Seng Index in Hong Kong saw a sharp decline of 10.7%, reaching 20,404.62 on Monday, marking its largest intraday drop since the 2008 global financial crisis.
Almost all stocks in the Hang Seng fell in response to escalating U.S.-China trade tensions, particularly targeting exporters like Lenovo Group and Sunny Optical Technology, a key supplier for Apple.
Tech and e-commerce stocks were hit hardest, with Alibaba Group plummeting 14.4% and JD.com sinking 15.6%. The declines were also mirrored across China’s mainland indices, with the CSI 300 index down 7.6%, the Shanghai Composite falling 7.4%, and the Shenzhen Composite losing 9.8%.
The broader Asian-Pacific markets also saw significant drops, with 11 of the 14 major regional indices hitting their lowest points in at least a year. Japan’s Nikkei 225 dropped 6.2%, South Korea’s Kospi fell 4.7%, Australia’s S&P/ASX 200 lost 4%, and Singapore’s Straits Times plunged 8.1%.
This market turmoil follows the announcement by U.S. President Donald Trump of a 34% tariff on Chinese imports, which China countered with an equivalent tariff increase on U.S. goods.
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