China Crackdown Makes Hong Kong Index World’s Biggest Tech Loser
- Gauge has lost about $551 billion in market value from peak
- Still, ETFs tracking it have recorded rising inflows this year
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An index launched a year ago to give investors greater exposure to China’s internet giants is now the world’s worst-performing major technology gauge.
The Hang Seng Tech Index has been on a roller-coaster ride in the last 12 months. The gauge, which marks its one-year anniversary on Tuesday, was up 59% at its February peak but has since seen more than $551 billion in market value wiped out amid Beijing’s clampdown on the sector.