Hong Kong stocks fall as JD.com shares fall after Walmart sell-off

Hong Kong stocks fell on Wednesday, led by a sharp decline in JD.com shares after Walmart shed its stake in the Chinese e-commerce company. The U.S. retailer is looking to raise up to $3.74 billion as it shifts focus to its operations in China.

JD.com shares were down 10.2% by midday, dragging Hong Kong technology shares down 2.1%. Electric vehicle maker Xpeng fell 2.4% after a disappointing third-quarter revenue forecast and lower sales estimates for the June quarter.

Meanwhile, video game stocks surged following the release of a wildly popular title by the Tencent-backed startup, with Citi Press shares rising 5.5%. Despite the mixed results, the Shanghai Composite Index was down 0.39% and the Hang Seng Index was down 0.95% by midday.

(Based on information from the agency.)