Hong Kong stocks fall as China hits insurers while Li Auto limps in debut

Hong Kong stocks slipped after China pledged to strengthen regulations to steady the economy. Insurance technology platform operators appear to be the next target, according to media reports.

Hong Kong stocks fell, halting a three-day advance after China signalled it would strengthen regulations to steady the economy and amid a report insurance technology platforms are being targeted. Chinese Tesla rival Li Auto failed to garner a premium on its first day of trading.

The Hang Seng Index fell 0.5 per cent to 26,517.82 at the close of Thursday trading. The Shanghai Composite fell 0.2 per cent, while the CSI 300 of the biggest stocks in Shanghai and Shenzhen declined 0.8 per cent.

The State Council, China’s cabinet, said it would work on legislation including national security, technological innovation and antitrust to strengthen the government, according to a statement on Wednesday. The banking and insurance regulators separately ordered companies and local agencies to curb improper marketing and pricing practices, Bloomberg and the Securities Journal reported.

Ping An Insurance fell 2.6 per cent to HK$68, while ZhongAn Online P&C Insurance slumped 11.5 per cent to HK$37.80. Hong Kong Exchanges and Clearing fell 3.5 per cent to HK$499.20 as the bourse operator’s first-half profits trailed estimates and amid concerns China’s clampdown will slow stock listing applications and related fees.

“In China, the evidence is now clear that we are seeing a policy shift and not a spasm of regulation,” Rabobank analyst Michael Every said in a report. “The key question for markets is if this is positive or negative for growth” at a time when the economy is grappling with a resurgence in Covid-19 infections, he added.

China has tightened measures in hospitals to prevent infections within health facilities as the nation faces its most serious outbreak since last year’s peak. Six mainland provinces reported a total of 90 new local infections on Wednesday, according to government data.

Recovery momentum has faded in China as the Delta variant fuelled downside risks to growth in the second half of the year, Union Bancaire Privée said in a report on Thursday. Rising regulatory risks are weighing on medium-term growth prospects, especially in segments targeted by national reform or security efforts, the Swiss private bank said.

Electric-vehicle maker Li Auto fell 0.8 per cent to HK$117 on its debut versus its offering price of HK$118. The shares were indicated at HK$115.90 in grey-market trading on Wednesday, according to prices from Bright Smart Securities and Phillip Securities. The carmaker raised HK$11.6 billion (US$1.49 billion) from the sale of 100 million shares to investors.

Markets in Asia-Pacific were mixed. Japan’s Nikkei 225 slipped 0.2 per cent, while Korea’s Kospi fell 0.4 per cent. Australia’s ASX 200 edged up 0.1 per cent.

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Swiss Tourist Sentenced to One Year in Prison for Insulting Bali's Sacred Day of Silence

An Indonesian court convicted twenty-six-year-old Luzian Andrin Zgraggen of blasphemy after he breached strict holiday restrictions and posted an explicit video from an empty beach.

An Indonesian court on the island of Bali has sentenced twenty-six-year-old Swiss national Luzian Andrin Zgraggen to one year in prison for publicly insulting Nyepi, the sacred Balinese Hindu Day of Silence.

The verdict follows Zgraggen's arrest in March after he recorded and published a social media video that violated island-wide religious restrictions and sparked widespread public outrage.

During Nyepi, Bali enforces strict, mandatory observances requiring residents and tourists alike to remain indoors, extinguish lights, cease travel, and refrain from loud noises or public activities.

The island's international airport suspends operations and commercial internet connectivity is largely restricted for twenty-four hours to maintain complete silence.

Zgraggen violated the curfew by walking onto a deserted beach, filming the empty surroundings, and sharing the footage online alongside captions containing expletives.

Presiding judges ruled that Zgraggen's deliberate breach and subsequent social media broadcast caused profound offense to the Balinese population and desecrated religious customs.

In court, Zgraggen expressed remorse and offered a public apology, testifying that he had failed to comprehend the scope and religious gravity of the annual holiday before violating the rules.

The prison sentence reflects an intensifying campaign by Indonesian authorities to enforce local laws and religious standards amid record post-pandemic tourism volumes.

While immigration officials have historically deported or briefly detained foreign visitors who violated local ordinances, local prosecutors have increasingly sought formal custodial sentences for deliberate acts of public blasphemy and disruptive behavior at cultural and religious sites across the province.