HONG KONG - Hong Kong shares slid on Thursday after a sharp rally in the previous session,

The Hang Seng Index was down 0.42 percent, at 18,012.15, with mainland property developers shedding ground after three sessions of gains. The Hang Seng China Enterprises Index fell 0.63 percent to 6,185.58.

The Hang Seng Mainland Properties Index fell 1.2 percent. The sub-index of the Hang Seng tracking energy shares climbed 0.5 percent and the Hong Kong property sector edged up 0.09 percent, while the IT sector dipped 0.61 percent and the financial sector slid 0.34 percent.

The top gainer on the Hang Seng was Wharf Real Estate Investment Company, which rose 4.27 percent, while the biggest loser was Hansoh Pharmaceutical Group, which fell 6.18 percent.

Shares of Chinese lithium battery maker CALB Co Ltd slipped below their HK$38 apiece offering price on debut. The company raised US$1.28 billion in its initial public offering, the largest in Hong Kong in 2022.