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HMD’s Sanmeet Singh Kochhar on the brand’s focus on innovation and human-centric design

From co-creating phones with parental input to introducing digital detox-friendly devices, here’s how HMD is focused on innovation, wellbeing, sustainability and accessibility

Neesha Salian
Neesha Salian

08 April, 2025

HMD’s Sanmeet Singh Kochhar on the brand’s focus on innovation and human-centric design
Image: Supplied

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In this interview with Gulf Business, Sanmeet Singh Kochhar, VP for HMD Europe and AMEA, shares how the company is pioneering a human-first design ethos through the launch of its new HMD Family division.

With rising interest in healthier digital habits, modularity, and eco-conscious innovation across the AMEA region, HMD, Kochhar says, is focused on shaping a more mindful future for mobile tech. Here are excerpts from the discussion.

The launch of the new HMD Family division, with a focus on human-first design and parental input, is a notable move. Can you elaborate on the core philosophy behind this division and how HMD aims to address the growing concerns around children’s digital wellbeing, as highlighted by your research?

At HMD, we put the human back in the mobile devices, and that is exactly what we did here. We believe in creating technology that enhances lives without compromising well-being. The HMD Family division was established to provide solutions that balance connectivity with digital responsibility.

We started the ‘Better Phone Project at HMD last July, a collaborative community project to co-create a safer and better phone. Parents asked for better options —now, after working with parents and teens across 84 countries and speaking to nearly 40,000 families, HMD is launching two new devices this year, starting with the HMD Fusion X1 this May, designed to help teens build healthy digital habits while staying more protected

More than half of children have been regularly contacted online by someone they don’t know, new research from HMD has revealed. One in three children has been asked to take conversations to private messaging apps, and nearly 40 per cent have been exposed to harmful online content, including explicit or violent material.

Our research highlights increasing concerns from parents regarding screen time, online safety, and the impact of smartphones on children’s mental health. By integrating parental input into our design process, we ensure that our products offer features like controlled screen time, location tracking, and simplified user experiences tailored for younger audiences. That’s why HMD is introducing the HMD Fusion X1, a phone built as a “first step” into the digital world, designed to give teens independence while ensuring parents have the controls they need for peace of mind.

The introduction of the HMD Fusion X1 in partnership with Xplora seems a direct response to the ‘Better Phone Project’ report. How does this collaboration specifically foster healthy digital habits for children, and what key features differentiate it in the market?

The HMD Fusion X1 was inspired by the Better Phone project. And is a result of our commitment to fostering positive digital habits.

Our collaboration with Xplora brings a fresh approach by ensuring children remain connected without unnecessary distractions. Key safety features through include:

  • Parental controls are deeply integrated into the operating system, giving parents a simple yet powerful way to guide their teen’s digital experience.
  • Social media and browser controls – Parents decide when (or if) these features are enabled.
  • Safe calls & messaging – Only pre-approved contacts can get through.
  • GPS tracking and safety zones – Parents receive alerts when teens leave designated safe areas.
  • Stay Focused Mode – Blocks access during school hours or bedtime, reducing distractions when it matters most.

Your research indicates over half of children aged eight-12 perceive themselves as suffering from phone addiction. How does HMD intend to leverage the insights from the Better Phone Project report across its broader product portfolio to mitigate this issue?

We must remember that smartphones aren’t just tech, they are all an integral part of our daily life and society itself. HMD is building solutions with children and parents in mind, and change is possible when families — not corporations — lead the conversation. Our “Better Phone Project Report” serves as a guiding framework for developing solutions that promote digital wellbeing.

Across our portfolio, we are integrating features such as Detox Mode, customisable parental controls, and time management settings. By prioritising user wellbeing in our device software and hardware, we aim to create a healthier relationship between users and their digital lives.

The collaboration with FC Barcelona and the launch of the HMD Barça 3210 and HMD Barça Fusion with a “detox mode” is an interesting strategic move. What is the rationale behind this partnership, and how does the detox mode specifically cater to the needs of users seeking a healthier digital lifestyle?

Our collaboration with FC Barcelona aligns with our vision of inspiring individuals to live active, balanced lives. The HMD Barça 3210 (this is a feature phone so does not have detox mode) The HMD Barça Fusion incorporates Detox Mode, a feature designed to encourage users to disconnect from distractions and engage in real-world activities.

By allowing customisable restrictions on social media and app usage, Detox Mode helps users take control of their screen time and foster a healthier digital lifestyle. In the end, you can’t enjoy football with a phone in your hand, these devices put screen time second and living in the moment first, the phones help you stay in your own game.

HMD has reported double-digit growth in its feature phone range for a second year, with new models like the HMD 130 Music, 150 Music, and 2660 Flip. What are the key drivers behind this continued success in the feature phone segment within the AMEA region, and what specific consumer needs are these devices addressing?

The growth in our feature phone segment is driven by a combination of reliability, affordability, nostalgia and new innovations to this space. Many consumers in the AMEA region seek devices that offer durability, long battery life, and ease of use. Additionally, feature phones provide a simpler, distraction-free alternative to smartphones, catering to those looking for a more focused digital experience. Our recent models, including music-centric and flip designs, cater to a variety of lifestyle preferences.

The Amped Buds, with their unique wireless charging case for smartphones, represent a novel approach. What inspired this innovation, and how do you see this feature resonating with consumers in the AMEA region?

The Amped Buds were inspired by the increasing demand for convenience and multi-functionality in tech accessories. Being caught out without tunes or power isn’t fun. In regions where power accessibility can be a challenge, a wireless charging case that doubles as a power bank for smartphones adds tremendous value. This feature resonates well with consumers who need reliable on-the-go solutions, ensuring uninterrupted connectivity and entertainment. Innovation in HMD Amped Buds, is not limited to its powerful 1600mAh battery, it combines premium wireless earbuds with superb sound quality, ANC, and ENC to dial out ambient noise, plus an ultra-slim, sleek case compatible with devices that support wireless charging.

The mobile market in the AMEA region is highly competitive. How does HMD differentiate itself from other players in both the smartphone and feature phone segments?

We understand this region and have a very long and successful history in it. HMD differentiates itself through a strong emphasis on sustainability, repairability, and human-first design. Our commitment to modular designs, like the HMD Fusion, allows users to personalize and extend the lifespan of their devices. Additionally, we maintain a balance between innovation and affordability, ensuring our products remain accessible to a broad audience without compromising on quality or functionality.

What specific market trends and consumer preferences are you observing in the AMEA region that are influencing HMD’s product strategy and go-to-market approach?

We are witnessing a growing interest in digital well-being, modularity, and sustainability. Consumers are looking for devices that align with their values, offering customisability, repairability, and mindful usage. Additionally, the rise of mobile gaming and content creation is driving demand for devices with high-performance cameras and accessories. Our product strategy is centered on meeting these evolving needs while ensuring accessibility and affordability.

Beyond the “human-first” design, how is HMD integrating sustainability into its product development and overall business operations within the AMEA region?

Sustainability is at the core of HMD’s mission. We integrate eco-friendly materials, reduce electronic waste through repairable devices, and promote responsible recycling initiatives. Our Gen 2 repairability approach allows users to replace key components like batteries and screens, extending device longevity and reducing environmental impact. Additionally, we are committed to reducing packaging waste and carbon emissions across our supply chain.

What are the key priorities and strategic directions for HMD in the AMEA region, and what are your expectations for market growth?

At HMD, we are proud to think ahead and anticipate customer needs which is why we are a leader in repairable devices and are introducing new devices to families. Our key priorities include expanding our modular device ecosystem, strengthening our sustainability initiatives, and fostering deeper collaborations with industry partners. We anticipate continued growth in both the smartphone and feature phone segments, driven by our focus on digital wellbeing, affordability, and repairability.

With the increasing demand for user-centric innovation, we are confident that HMD will continue to be a leading player in the AMEA mobile market.

AI takes flight: Abu Dhabi to host world’s first all-autonomous drone race

The Drone Championship will see 14 elite international teams compete in a series of high-speed, high-tech challenges — with no human pilots involved

Gulf Business
Gulf Business

08 April, 2025

AI takes flight: Abu Dhabi to host world’s first all-autonomous drone race

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Abu Dhabi is gearing up to host a groundbreaking moment in drone racing history as the Abu Dhabi Autonomous Racing League (A2RL), organised by ASPIRE, partners with the Drone Champions League (DCL) to launch the world’s first AI-only drone racing finale.

Taking place from 11–12 April 2025 at Marina Halls 1 & 2, ADNEC, the A2RL x DCL Autonomous Drone Championship will see 14 elite international teams compete in a series of high-speed, high-tech challenges — with no human pilots involved. Instead, drones powered by NVIDIA Jetson Orin NX modules will rely entirely on artificial intelligence to navigate, react, and win.

A highlight of the event will be the “AI vs Human” challenge, which pits top AI racing systems against the world’s best drone pilots in a thrilling knockout showdown. The competition will test everything from deep learning and sensor fusion to drone agility and precision under unpredictable conditions—all for a $1 million prize pool.

Running alongside the races, A2RL Summit 2.0 on 11 April will bring together global thought leaders in AI, robotics, and autonomous mobility to explore future innovations shaping our world.

Open to the public and free to attend, the event is set to attract tech enthusiasts, drone racing fans, students, and families alike. Pre-registration is required at: registration.a2rl.io/register

Event details: 📍 Marina Halls 1 & 2, ADNEC, Abu Dhabi
🗓️ 11–12 April 2025
🕙 10 AM – 6 PM (both days)
🔗 a2rl.io/autonomous-drone-race

With high-octane AI action and a future-focused summit, A2RL is set to redefine autonomous racing in the capital.

Riyadh Air cleared for take-off by Saudi aviation authority

Riyadh Air plans to operate flights to over 100 international destinations by 2030

Gulf Business
Gulf Business

08 April, 2025

Riyadh Air cleared for take-off by Saudi aviation authority
Image credit: Getty Images

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Riyadh Air has been officially authorised to begin scheduled flights to and from airports across Saudi Arabia.

The approval follows the presentation of an Air Operator Certificate (AOC) to Riyadh Air CEO Tony Douglas by the General Authority of Civil Aviation (GACA), according to the Saudi Press Agency (SPA).

The handover took place in the presence of the Minister of Transport and Logistic Services and Chairman of GACA’s Board, Eng. Saleh bin Nasser Al Jasser, and GACA President Abdulaziz bin Abdullah Al Duailej.

Al Jasser said the issuance of the AOC marks a major milestone in Saudi Arabia’s aviation strategy, which aims to position the kingdom as the Middle East’s leading aviation hub by 2030.

The strategy includes transforming Saudi Arabia into a global logistics centre connecting three continents, supporting tourism goals, and establishing Riyadh as a central hub for transport, trade and tourism.

Riyadh Air’s plans

The airline aims to operate flights to over 100 international destinations by 2030.

It has placed orders for more than 132 aircraft and is expected to create over 200,000 direct and indirect jobs in the aviation sector, contributing an estimated SAR75bn to the country’s non-oil GDP.

Riyadh Air received its AOC after fulfilling all regulatory and operational requirements in accordance with the Civil Aviation Law’s executive regulations, especially those covering safety, security and operational quality standards.

GACA’s commitment

The AOC reflects GACA’s commitment to world-class regulatory standards. It marks a step forward in enhancing the passenger experience and maintaining high aviation safety levels. It also supports GACA’s broader goals of creating an attractive investment environment and fostering the growth and sustainability of the aviation sector, in line with the National Aviation Strategy and Saudi Vision 2030.

The 100 most powerful Arabs of 2025

This year’s top 100 most powerful Arab list features a wide array of key movers and shakers from across the GCC and beyond

Gareth van Zyl
Gareth van Zyl

08 April, 2025

The 100 most powerful Arabs of 2025
Credit: Gulf Business

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Gulf Business’ definitive ranking of the Top 100 Most Powerful Arabs in the world is here — and 2025 marks a major milestone.

This isn’t just a regional snapshot. These are the Arab leaders reshaping industries, steering policy, and driving global impact. Our annual list is the result of rigorous research, heated editorial debate, and careful consideration.

This year, we welcome a brand-new number one.

A quiet force with extraordinary reach, he tends to avoid the spotlight — but his influence is impossible to miss. He oversees more than $1.4tn in assets across sovereign wealth funds, banking powerhouses, and AI-led ventures. From cutting-edge tech alliances and crypto strategies to a central role in the global race for artificial intelligence, his impact extends far beyond the UAE.

Curious? Explore our new number one and more below.

This year’s edition also welcomes six new entrants, alongside 21 women power listers whose work continues to inspire and challenge norms across sectors.

As always, our methodology considers four key factors: financial capital, human capital, expansion plans, and personal fame.

These are the names driving transformation. Meet the power players of 2025.

HH Sheikh Tahnoon Bin Zayed Al Nahyan

HH Sheikh Tahnoon Bin Zayed Al Nahyan

Dr Sultan Al Jaber

Dr Sultan Al Jaber

Yasir Al-Rumayyan

Yasir Al-Rumayyan

HH Sheikh Ahmed bin Saeed Al Maktoum

HH Sheikh Ahmed bin Saeed Al Maktoum

Khaldoon Khalifa Al Mubarak

Khaldoon Khalifa Al Mubarak

Saad Sherida Al-Kaabi

Saad Sherida Al-Kaabi

Mohamed Alabbar

Mohamed Alabbar

Amin Naseer

Amin Naseer

Mohamed Al Hammadi

Mohamed Al Hammadi

HH Prince Alwaleed bin Talal Al Saud

HH Prince Alwaleed bin Talal Al Saud

Sultan Ahmed bin Sulayem

Sultan Ahmed bin Sulayem

Carlos Slim Helú

Carlos Slim Helú

Abdulla Mubarak Al-Khalifa

Abdulla Mubarak Al-Khalifa

Abdul Aziz Al Ghurair

Abdul Aziz Al Ghurair

Hana Al Rostamani

Hana Al Rostamani

Mohammed Saif Al-Sowaidi

Mohammed Saif Al-Sowaidi

Mohammed Ibrahim Al Shaibani

Mohammed Ibrahim Al Shaibani

Sarah Bint Yousif Al Amiri

Sarah Bint Yousif Al Amiri

Salem Humaid Al Marri

Salem Humaid Al Marri

Lubna Suliman Olayan

Lubna Suliman Olayan

Essa Kazim

Essa Kazim

Mohamed Khalifa Al Mubarak

Mohamed Khalifa Al Mubarak

Fahd Hamidaddin

Fahd Hamidaddin

HH Prince Naif Bin Sultan Bin Mohammed Bin Saud Al Kabeer

HH Prince Naif Bin Sultan Bin Mohammed Bin Saud Al Kabeer

Saeed Mohammed Al Ghamdi

Saeed Mohammed Al Ghamdi

Sarah Al Suhaimi

Sarah Al Suhaimi

Dr Raja Al Gurg

Dr Raja Al Gurg

Mohamed Salah

Mohamed Salah

Ayman Mohammed Alsyari

Ayman Mohammed Alsyari

Helal Al Marri

Helal Al Marri

Sheikha Al Mayassa Bint Hamad Bin Khalifa Al Thani

Sheikha Al Mayassa Bint Hamad Bin Khalifa Al Thani

Sultan Alneyadi

Sultan Alneyadi

Reem Al Hashimy

Reem Al Hashimy

Abdulrahman Saleh Al-Fageeh

Abdulrahman Saleh Al-Fageeh

Elie Habib and Eddy Maroun

Elie Habib and Eddy Maroun

Mohammed Abdul Latif Jameel KBE

Mohammed Abdul Latif Jameel KBE

Olayan Mohammed Alwetaid

Olayan Mohammed Alwetaid

Sheikh Sulaiman Bin Abdulaziz Alrajhi

Sheikh Sulaiman Bin Abdulaziz Alrajhi

Bader Nasser Al-Kharafi

Bader Nasser Al-Kharafi

Mohamed Ali Al Shorafa

Mohamed Ali Al Shorafa

Hatem Dowidar

Hatem Dowidar

Khalaf Al Habtoor

Khalaf Al Habtoor

Faisal Al Bannai

Faisal Al Bannai

Mohammed Alshaya

Mohammed Alshaya

Mohamed Mansour

Mohamed Mansour

Mohamed Juma Al Shamisi

Mohamed Juma Al Shamisi

Nayla Hayek

Nayla Hayek

Karim Awad

Karim Awad

Nassef Sawiris

Nassef Sawiris

Mohammed Bin Mahfoodh Alardhi

Mohammed Bin Mahfoodh Alardhi

Khalid Al Rumaihi

Khalid Al Rumaihi

Aziz Aluthman Fakhroo

Aziz Aluthman Fakhroo

Naguib Sawiris

Naguib Sawiris

Adel Abdulla Ali

Adel Abdulla Ali

Issam Kazim

Issam Kazim

Ala’a Eraiqat

Ala’a Eraiqat

Mohammad A Baker

Mohammad A Baker

Mohammad Ali Bin Rashed Lootah

Mohammad Ali Bin Rashed Lootah

Ghaith Al Ghaith

Ghaith Al Ghaith

Abdulla Jassem Kalban

Abdulla Jassem Kalban

Hussain Sajwani

Hussain Sajwani

Kutayba Yusuf Alghanim

Kutayba Yusuf Alghanim

Wadha Ahmed Al-Khateeb

Wadha Ahmed Al-Khateeb

Badr Mohammed Al Meer

Badr Mohammed Al Meer

Tarek Sultan

Tarek Sultan

Mona Ataya

Mona Ataya

Hesham Al Qassim

Hesham Al Qassim

Khaled Mohammed Balama

Khaled Mohammed Balama

Sheikh Abdullah Bin Bayyah

Sheikh Abdullah Bin Bayyah

Badr Jafar

Badr Jafar

Mishal Hamed Kanoo

Mishal Hamed Kanoo

Amal Suhail Bahwan

Amal Suhail Bahwan

Ellie Saab

Ellie Saab

Fadi Ghandour

Fadi Ghandour

Mazin Rashid Lamki

Mazin Rashid Lamki

Fahad Bin Nafel

Fahad Bin Nafel

Shaikha Khaled Al Baha

Shaikha Khaled Al Baha

Mohammed Abu Ghazaleh

Mohammed Abu Ghazaleh

DJ Khaled

DJ Khaled

Dr Amina Al Rostamani

Dr Amina Al Rostamani

Othman Benjelloun

Othman Benjelloun

Huda and Mona Kattan

Huda and Mona Kattan

Ronaldo Mouchawar

Ronaldo Mouchawar

Juma Al Majid

Juma Al Majid

Mohammed Hussein Ali Al Amoudi

Mohammed Hussein Ali Al Amoudi

Omar Al Futtaim

Omar Al Futtaim

Mariam Al Mheiri

Mariam Al Mheiri

Zaid S Al Khayyat

Zaid S Al Khayyat

Rayyanah Barnawi

Rayyanah Barnawi

Ons Jabeur

Ons Jabeur

Amr Diab

Amr Diab

Mona Almoayyed

Mona Almoayyed

Nezha Hayat

Nezha Hayat

Nadir Al-Koraya

Nadir Al-Koraya

Mutaz Essa Barshim

Mutaz Essa Barshim

Raed Barqawi

Raed Barqawi

Mo Amer

Mo Amer

Nora Al Matrooshi

Nora Al Matrooshi

Nadine Labaki

Nadine Labaki

Karim Gharbi

Karim Gharbi

Too soon to panic? EFG Holding Group CEO urges calm over US tariffs

Speaking at the 19th EFG Hermes One-on-One Investor Conference in Dubai, Awad said global investor sentiment had been shaken by rising uncertainty

Gareth van Zyl
Gareth van Zyl

08 April, 2025

Too soon to panic? EFG Holding Group CEO urges calm over US tariffs
Karim Awad, Group CEO and Chairman of the Executive Committee, EFG Holding.

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Gulf countries have less reason to panic over the impact of US President Donald Trump’s new tariffs, says Karim Awad, group CEO of financial institution EFG Holding.

Speaking to Gulf Business at the 19th EFG Hermes One-on-One Investor Conference in Dubai, Awad said investor sentiment had been shaken by rising uncertainty.

Global markets reacted sharply on Monday to Trump’s newly announced reciprocal tariff regime, with Hong Kong’s Hang Seng posting its worst fall since 1997 and more than $6tn wiped off US markets over the past three trading days. In the GCC, Saudi Arabia’s Tadawul dropped 7 per cent on Sunday: its steepest decline in five years.

Trump’s “universal baseline tariff” initiates a flat 10 per cent import tax on all goods entering the US, with steeper rates for select countries such as China, where tariffs have been set at 34 per cent.

“The thing that investors like the least is uncertainty,” said Awad.

“It is not only that the tariff regime is tough. It is also that no one is really sure where it will stop. And whether this has ended or whether it will escalate, whether it will de-escalate, no one is really 100 per cent sure.”

By contrast, GCC countries are currently facing only the baseline 10 per cent tariff, a fact Awad believes is being overlooked.

“Having said that, I am not sure that the impact on the Gulf markets, with the exception of course of the movement in oil prices, warrants all that amount of panic, especially that the amount of tariffs that has been slapped on the Arab world is not, to be honest, that big,” he added.

“Naturally there is worry about oil prices and the impact on oil prices, which is a legitimate worry. At the end of the day, it takes time for people to digest, it takes time for companies to adjust to the impact of these changes. And we’ll see where it goes from here.”

Awad also commented on the outlook for Egypt, where EFG Holding is headquartered, noting that the recent float of the pound had helped restore investor confidence.

“The one positive that I saw yesterday, and that I’m actually quite impressed about, is that it was a clear example that the currency regime in Egypt is flexible and that it moves,” he said.

“There is very little intervention from the Central Bank of Egypt, if any. And this should give investors also a lot of confidence that the country is moving in the right direction.”

EFG Holding remains upbeat

Despite the market ructions, EFG Holding remains optimistic.

Founded more than 40 years ago, the group is a financial powerhouse with operations in seven countries across MENA. Its investment banking arm, EFG Hermes, is widely regarded as the region’s leading player, offering services across advisory, asset management, brokerage, research, and private equity.

In 2024, the group posted record revenues of around $545m, up 66 per cent year-on-year. Net profit after tax and minority interest surged 71 per cent to $105.3m. Total assets reached EGP186.9bn by year-end. The firm has also topped equity capital markets (ECM) league tables in the region.

EFG Hermes is working on seven initial public offerings (IPOs) across the GCC in 2025 worth up to $10bn, including five in Saudi Arabia, according to Mostafa Gad, global head of investment banking at EFG Hermes. The firm is also advising on around 10 M&A deals worth between $6bn and $8bn this year, he told Asharq News.

Heading into 2025, the IPO pipeline remains “extremely healthy”, Awad said, with strong demand expected from global investors seeking exposure to one of the world’s most dynamic regions.

Dubai plays host to EFG Hermes’ flagship investor event

This week, EFG Hermes is hosting its flagship One-on-One Investor Conference in Dubai, now in its 19th edition. The event, widely seen as one of MENA’s most influential investment gatherings, is being held at the JW Marriott Hotel Marina and brings together 220 companies from 12 countries and 675 institutional investors from 252 global firms.

“We are delighted to welcome all our conference participants and invite them to enjoy the vibrant exchange of ideas and engage in the thought-provoking discussions in our interactive meeting spaces,” Awad said.

Trump’s tariffs: Global hedge funds suffer losses as market plunges

The S&P 500 and FTSE plunged over 10 per cent and 6 per cent respectively after Trump’s announcement

Reuters
Reuters

08 April, 2025

Trump’s tariffs: Global hedge funds suffer losses as market plunges
Image credit: Getty Images

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Hedge funds tracked by Morgan Stanley globally posted growing losses as markets tumbled last week after US President Donald Trump’s announcement of sweeping tariffs, turning year-to-date performance to a 3 per cent decline and driving down their net leverage.

Trump launched a historic trade war on Wednesday, and China retaliated with 34 per cent reciprocal tariffs on US imports on Friday, stoking fears of a global recession and sparking the worst two trading days for stocks since the pandemic in 2020.

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The S&P 500 and FTSE plunged over 10 per cent and 6 per cent respectively after Trump’s announcement. Commodities also tumbled broadly, with oil prices hitting their lowest in four years as of Monday.

Hedge funds had already accelerated their unwinding of positions and sought safety ahead of the tariff announcement, and export-driven Asian markets were at the forefront of the sell-off.

Morgan Stanley estimates US long-short funds net leverage quickly fell to 37 per cent, “just shy of historical lows,” by the end of Friday, from over 50 per cent at the beginning of the year.

A separate note by JP Morgan also said net leverage of hedge funds dropped to around the lowest since late 2023.

Net leverage measures the difference between a fund’s long and short positions against the value of what it owns including borrowings. The lower the net leverage, the more conservative a hedge fund’s position is.

Investors expect significant volatility on risk assets in the near term given the tariff uncertainties and suggest a continued risk-off stance.

“This global selloff has so far been too orderly, so probably more to go,” said Eddie Tam, chief investment officer of Central Asset Investments, a Hong Kong-based hedge fund.

Hong Kong’s Hang Seng Index had its heaviest slide on Monday since 1997.

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