China Stocks Fall for 3rd Day; Material, Technology Shares Drop
This article is for subscribers only.
China’s stocks fell for a third day after the government ordered cuts to production capacity in 19 industries, while technology companies extended a slump after reaching the highest valuations in more than two years.
BBMG Corp., Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co., and Shandong Chenming Paper Holdings Ltd. slid at least 1.5 percent after they were cited by the Ministry of Industry and Information Technology in a list of companies that must curb capacity this year. BOE Technology Group Co. slumped for a second day after the company said it planned a share sale that may be China’s largest private placement.