China's Tech Stocks Struggle Under ZTE Ban, IPhone Sales Concern
- Lenovo Group slides to eight-year low as short bets increase
- Concern over smartphone demand is also hurting tech shares
Mizuho's Lamba Sees 'Lackluster Demand' for IPhones
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Already reeling from last week’s ban on ZTE Corp., add the prospect of slowing smartphone sales to a growing list of reasons investors are fleeing China’s technology stocks.
The MSCI China technology index slipped 0.8 percent as of 3:23 p.m. local time, with Lenovo Group Ltd. losing 1.1 percent to its lowest level since 2009. Sunny Optical Technology Group Co. -- Asia’s top stock as recently as last month -- sank 6.7 percent. ZTE shares have been suspended from trading since the U.S. government imposed a seven-year ban on its purchases of crucial American components.