Bonnie Chan Yiting, the newly-appointed chief executive of Hong Kong Exchanges and Clearing, noted a recent trend of companies preferring domestic markets for share listings, amid falling shares of some Hong Kong-listed companies like China Mengniu Dairy, which dropped nearly 10%. Chan mentioned the growth of stock market capitalisation in Asian emerging markets, but expects companies will eventually seek international capital. Meanwhile, Tencent saw a 2.6% rise due to share buybacks, despite overall market declines. The Hang Seng Index fell 1.4%, while the Shanghai Composite Index decreased by 1.3%. Other companies, including BYD and Alibaba, experienced losses, with Alibaba cancelling its Cainiao IPO and BYD’s profit falling short of expectations despite a surge in net income.