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Down $831 Billion, China Tech Firm Selloff May Be Far From Over

  • Selling in technology sector seen continuing this quarter
  • Hang Seng Tech Index has lost 31% from February high
Bloomberg business news
Didi Plunges Below IPO Price as China Cracks Down on Tech
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China’s technology giants have seen a combined $823 billion wiped from their market value since a February peak, with Beijing’s expanding crackdown on the sector fueling investor concern that the selloff is far from over.

Authorities on Tuesday issued a sweeping warning to the nation’s biggest companies, vowing to tighten oversight of data security and overseas listings just days after Didi Global Inc.’s contentious decision to go public in the U.S. That has put further selling pressure on China’s biggest technology names including Tencent Holdings Ltd., Alibaba Group Holding Ltd., JD.Com Inc., Baidu Inc. and Meituan.