2014.03.1704:46:29UTC+00Shanghai bounce back Hong Kong stocks' sag

Hong Kong investors’ condition seems to have been damped by surging disputes in Ukraine, although declines are capped today by a bounce back in Shanghai markets.

The Hang Seng Index is currently exchanging 0.1% lower at 21,522.41, while the Shanghai Composite is spiked 0.5% up to 2,013.80.

Internet giant Tencent Holdings is pulling back further by 4.2% in Hong Kong trading, as investors remain cautious of purchasing Tencent after its top rival Alibaba Group declared its plan to go for an IPO in the U.S. over the weekend.

Meanwhile, markets are also looking forward Tencent’s annual results due out Wednesday, while also digesting news that the central bank has halted online credit-card services offered by it and Alibaba, among others.

The central bank’s recent decision on online credit cards is also affecting shares of China Citic Bank Corp, which declined 8% in Shanghai and 1.3% down in Hong Kong. The bank has said previously it planned to work with Tencent and Alibaba to launch virtual credit cards for online shoppers. However, on Sunday night, the bank stated that the online credit-card service was still in test mode, and the bank would assess its compliance with the central bank’s ruling and security issues before any official launch.

Meanwhile, Hong Kong tycoon Joseph Lau was found guilty of bribery and money laundering by a Macau court and was sentenced to five years in jail, aiding inspire a 2% decline in the shares of his flagship companies, Chinese Estates Holdings. Lau slide lower as Chinese Estates chairman on Friday, succeeded by his son, Ming-wai, according to a filing by the firm.