China Tech Selloff Accelerates as Weak Earnings Spook Investors
- Hang Seng Tech Index declines after key firms’ earnings misses
- Beijing seeks to ease concerns about “common prosperity” goal
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Chinese technology shares fell sharply, snapping a three-day rally as earnings from a number of firms failed to meet investor targets.
The Hang Seng Tech Index closed 1.9% lower in Hong Kong. The index was weighed down by live streaming giant Kuaishou Technology and electronics component maker AAC Technologies Holdings Inc., which both fell by at least 9.2% after missing estimates.