Hong Kong stocks closed lower on Wednesday after a poor report card from Chinese e-commerce platform operator PDD Holdings rattled industry peers including Alibaba, suggesting discounts to attract consumers will hurt near-term earnings outlook.

The Hang Seng Index fell 0.5%, while the Hang Seng Tech Index dropped 0.2%.

Short-video platform operator Kuaishou Technology rallied 6% after first-quarter revenue exceeded expectations. Xiaomi advanced 0.4% to HK$52.25 after profit beat consensus on robust smartphone and electric vehicle sales.

In terms of other star stocks, NetEase rose 3%; XPeng and Baidu rose about 1%; While Pop Mart fell 7%; BYD, Li Auto, and SMIC fell 3%; Alibaba fell 2%; JD.com and Tencent fell 1%; NIO fell 0.7%; Meituan fell 0.5%.