China Tech Giants Dive as Delisting Threat Joins Crackdown Fears

Tencent fails to assure investors about Beijing’s clampdown
China’s largest tech companies accelerate selloff in Hong Kong

WATCH: China’s government has proposed establishing a joint venture with local technology giants that would oversee the lucrative data they collect from hundreds of millions of consumers. (Source: Bloomberg)

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By Jeanny Yu and Zheping Huang

March 25, 2021 at 2:28 AM UTC

Updated on

March 25, 2021 at 8:33 AM UTC

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Tech giants from Tencent Holdings Ltd. to Alibaba Group Holding Ltd. dived after U.S. regulators revived threats to toss China’s largest corporations off U.S. bourses, compounding concerns of a widening domestic antitrust crackdown.

Alibaba slid almost 4% in Hong Kong Thursday, joining a U.S. selloff that wiped at least 20% off Chinese tech names including Tencent Music Entertainment and iQiyi Inc., Baidu Inc.’s Netflix-like streaming subsidiary. The Hang Seng Technology Index slid to its lowest since November before ending down just 1.2%.