Hong Kong stocks opened on the back foot Friday morning following the previous day’s rally of more than three percent, with investors continuing to fret over China’s latest regulatory crackdown on a range of industries.

The Hang Seng Index slipped 1.04 percent, or 272.48 points, to 26,042.84.

The benchmark Shanghai Composite Index eased 0.40 percent, or 13.53 points, to 3,398.20, while the Shenzhen Composite Index on China’s second exchange shed 0.14 percent, or 3.30 points, to 2,380.88.