China Tech Rout Deepens as New Regulations Mulled; Alibaba Dives

Fresh round of potential regulations hits tech stocks
Tencent, Meituan also drop; Kuaishou falls to record low again

WATCH: Alibaba extends a selloff in Chinese technology giants amid continued concerns over regulatory crackdown. Bloomberg Intelligence’s Catherine Lim discusses the details.(Source: Bloomberg)

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By Bloomberg News

August 19, 2021 at 2:47 AM UTC

Updated on

August 19, 2021 at 9:59 AM UTC

This article is for subscribers only.

The rout in Chinese technology giants deepened on Thursday after the industry was hit with a fresh round of proposed regulations.

The Hang Seng Tech Index closed 2.9% lower after earlier falling to lowest since its inception in July 2020 with Alibaba Group Holding Ltd. slumping 5.5% to a record low in Hong Kong. Video streaming giant Kuaishou Technology slid 7.1% to close at new all-time low for a fifth consecutive session.