Bear market looms for Chinese stocks as investors lose faith

A benchmark of Chinese shares traded in Hong Kong edged closer to a bear market as a faltering economic recovery, heightened geopolitical tensions and a weaker yuan kept investors away.

The Hang Seng China Enterprises index fell 1.3% on Monday, paring losses from its Jan. 27 peak to a whisker away from hitting 20%. Meituan was the biggest draw in the middle concern that increased competition will weaken the e-commerce firm’s profitability.