A number of stocks dipped in Hong Kong after an activist investor linked them to a complex web of financial dealings surrounding China Huarong Asset Management Co. Ltd., the embattled state bad-asset manager. In an article posted online Friday, David Webb, a prominent investor and stock market analyst in Hong Kong, singled out 26 Chinese companies and financial institutions with cross-shareholdings and lending links. They include China Huarong, whose former Chairman Lai Xiaomin faces corruption charges ; China's biggest private lender, China Minsheng Bank (CMB); and companies backed by property tycoon Yao Zhenhua, chairman of Shenzhen Baoneng Group.