Hong Kong-listed shares of major financial institutions came under pressure on Friday amid growing concerns that Beijing's tighter capital controls could affect the cross-border wealth management and banking businesses of global financial firms with significant exposure to mainland China.
Shares of AIA Group declined more than 3% shortly after the market opened, while HSBC Holdings fell nearly 2%. Standard Chartered dropped around 3%, and Bank of East Asia lost more than 2% as investors reacted to reports of stricter scrutiny on offshore account openings and cross-border fund flows.
