Traders Rush to Dump China Tech Stocks as Gaming Targeted Again
- Gaming shares lead broader declines in skittish market
- Hang Seng Tech Index’s rally toward bull market stumbles
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Technology stocks led Chinese shares lower on Thursday after Beijing took aim at gaming companies for focusing solely on profit, underscoring the risk of calling a bottom to the market.
The Hang Seng Tech Index tumbled 4.5%, the most in six weeks, with Tencent Holdings Ltd. dropping by almost twice that amount in its worst day in more than a month. NetEase Inc. slumped 11% in a decline that accelerated after a report that China would halt approvals for new online games.