As of 10 a.m. local time, the Hang Seng Index fell 1% to 16,562.79, the lowest level since March 28. The high-tech index fell 1.8%, and the Shanghai Composite Index rose 0.1%.
E-commerce group Alibaba Group fell 2.2% to HK$70.05, peer JD.com fell 2.3% to HK$100, and Tencent fell 1.4% to HK$305. EV maker Li Auto fell 4.1% to HK$113.10, while rival BYD fell 1% to HK$208.
SMBC analysts said in a note that China's “CPI and PPI data suggest there are deflationary pressures.” GDP statistics are unlikely to change market participants' pessimistic view of the economy. ”
Elsewhere, auto wheel maker Zhejiang Hongxin Technology jumped 278% from its public price to 40.35 yuan per share in its trading debut in Shenzhen.
Other major Asian markets also fell due to tensions in the Middle East. Japan's Nikkei Stock Average fell 1.4%, South Korea's Kospi Index fell 1.1% and Australia's S&P/ASX200 Index fell 0.6%.