off drags Hong Kong stocks down; China shares slip

CHINA-STOCKS/MIDDAY:JD.com sell-off drags Hong Kong stocks down; China shares slip

SHANGHAI, - Hong Kong stocks dropped on Wednesday, as shares of e-commerce giant JD.com tumbled after its biggest shareholder Walmart sold its stake in the firm, while China stocks edged down.

off drags Hong Kong stocks down; China shares slip

** Walmart is seeking to raise up to $3.74 billion by selling its stake in Chinese e-commerce firm JD.com , according to a term sheet seen by Reuters, as the U.S. retailer focuses on its own operations in China.

** JD.com tumbled, down 10.2% by midday, and dragged tech shares down 2.1% in Hong Kong.

** Electric vehicle maker Xpeng fell 2.4% after it forecast third-quarter revenue below analysts' expectations and missed June-quarter sales estimates.

** Video game and related concept stocks jumped, with Citi Press up 5.5%, after a new video game title launched on Tuesday by a Tencent-backed startup become the most-played game on a major online platform.

** At the midday break, the Shanghai Composite index was down 0.39% at 2,855.35 points.

** China's blue-chip CSI300 index was down 0.1%, with its financial sector sub-index lower by 0.58%, the consumer staples sector falling 0.1%, the real estate index down 1.38% and the healthcare sub-index down 0.22%.

** Chinese H-shares listed in Hong Kong fell 1.2% to 6,121.49. The Hang Seng Index was down 0.95% at 17,345.53.

** The smaller Shenzhen index was up 0.08%, the start-up board ChiNext Composite index was unchanged and Shanghai's tech-focused STAR50 index was up 0.19%​.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.49% while Japan's Nikkei index was down 0.41%.

** The yuan was quoted at 7.1319 per U.S. dollar, 0.03% weaker than the previous close of 7.1297.

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