Hong Kong is home to a developed, $3.8 trillion stock market. A series of stock-price collapses has made it seem, of late, more like an untamed emerging market. On Thursday, shares in property developer Jiayuan International Group Ltd. fell 80.6%, erasing $3.35 billion of value. It wasn’t alone: four smaller companies dropped sharply, too, seemingly without major news.

Source: Wall Street Journal January 21, 2019 12:00 UTC