Chinese tech stocks plunge on Tencent Holdings sale, fine on Alibaba – Business Standard

China’s tech stocks fell once again on Wednesday as firms backed by Tencent Holdings Ltd. came under pressure after it pared investment in the cohort for a second time in two weeks.

The Hang Seng Tech Index fell 4.6%—the most since July—in a third straight day of declines, with overnight weakness in U.S. peers also weighing. The gauge closed at lowest since its inception in mid-2020 with Tencent investees Bilibili Inc., Meituan and JD.com Inc. among the biggest losers.

The Chinese tech giant cut its stake in Singapore’s Sea Ltd. on Tuesday — selling $3 billion of shares — sparking concerns of similar actions at other firms amid Beijing’s regulatory crackdown. U.S. tech shares also fell overnight as traders trimmed bets on stocks with extended valuations amid a rise in Treasury yields.

Tencent’s move is aiding expectations that the firm and its rivals may pare holdings as Beijing punishes the country’s tech giants for anti-competitive behavior, including maintaining closed…

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source: https://news.oneseocompany.com/2022/01/05/chinese-tech-stocks-plunge-on-tencent-holdings-sale-fine-on-alibaba-business-standard_2022010511926.html

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