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Mercados

Hong Kong shares close flat as tech gains offset mainland losses

* HSI flat, HSCE +0.1%, CSI300 -1.2%

* FTSE China A50 -0.8%

Aug 26 (Reuters) - Hong Kong shares recovered from earlier losses and finished largely flat on Wednesday, as gains in the information technology sector offset weakness in mainland markets.

** The Hang Seng index was roughly unchanged at 25,491.79, while the China Enterprises Index gained 0.1% to 10,300.36.

** Information technology sector closed 1.67% higher.

** Hong Kong shares of Alibaba Group Holding Ltd outperformed the market, rising 4.16% to HK$280.4, underpinned by the news that its fintech unit Ant filed for dual listing.

** China’s mobile payments firm Ant Group, Alibaba’s fintech arm, filed for a dual listing in Hong Kong and on Shanghai’s Nasdaq-style STAR Market on Tuesday and could raise as much as $30 billion in what would be the world’s largest IPO.

** “Taking account into escalating China-U.S. tensions, Chinese corporates listed in U.S. exchanges are facing increased delisting risks and will likely rush to HK exchange to seek a secondary listing (in) H2,” Ken Cheung, chief Asian FX strategist at Mizuho Bank in Hong Kong, said in a note. He expects the trend to persist through the remainder of the year.

** Chinese shares closed lower, hurt by weakness in tech-heavy startup board ChiNext, after investors booked profits after two consecutive sessions of sharp gains.

** The blue-chip CSI300 index ended down 1.2% at 4,706.13 and the Shanghai Composite index shed 1.3% to close at 3,329.74. ChiNext dropped 2.1%, while the STAR50 index was down 3.1%. (Reporting by Winni Zhou and Andrew Galbraith)

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