China Tech Stock Benchmark Tests Lows on Regulatory Pressure
- Tech gauge has fallen for three weeks on regulatory concerns
- Hang Seng Tech Index down more than 45% since February peak
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A benchmark tracking China’s biggest technology giants looked set to test new lows Monday as Beijing’s ongoing regulatory crackdown against private enterprise continued to weigh.
The Hang Seng Tech Index dropped as much as 2.7%, bringing the gauge to less than 1% away from its Aug. 20 record low. The benchmark -- which includes firms like Tencent Holdings Ltd. and Alibaba Group Holding Ltd. -- has fallen for three consecutive weeks on concerns over whether the curbs have further to run.