China Tech Shares Slide on Latest Volley of Internet Curbs
- Meituan, Alibaba Group and Tencent weigh on Hang Seng Tech
- Companies remain ‘very sensitive to news’: HSBC’s Fan
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Chinese technology shares fell again Monday amid the latest moves from Beijing to reshape online businesses.
Traders mulled a report that the government intends to break up Ant Group Co.’s Alipay business, a Friday statement calling for better protection of gig economy workers’ rights and the latest warning against blocking links to rival services. The Hang Seng Tech Index finished 2.3% lower, with Meituan, Alibaba Group Holding and Tencent Holdings Ltd. dragging on the gauge. Chinese stocks listed in the U.S. fell in premarket trading.