China Tech Stocks Fall as State Media Fans Clampdown Concerns
- Beijing’s adviser urges laws to ensure sector fair competition
- Alibaba drops to intraday record low in Hong Kong trading
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Chinese technology stocks dropped on Thursday after state media ratcheted up calls for a deepening of regulation of online platforms to tutoring firms.
The Hang Seng Tech Index fell 1.3%, inching toward the lowest since its official launch that was hit last month. Stocks tracked overnight weakness in the sector’s American depository receipts after the South China Morning Post’s report that China’s scrutiny of video gaming content is getting stricter. Alibaba Group Holding Ltd. closed 4.1% lower after earlier hitting a record low in Hong Kong.