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China Tech Rout Deepens to $1.5 Trillion as Didi Emboldens Bears

  • Didi plans U.S. delisting and will seek share sale in H.K
  • Hang Seng Tech Index has plunged 46% from February’s peak
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WATCH: Didi will start working on share sale in Hong Kong. Stephen Engle reports.Source: Bloomberg
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Chinese tech shares briefly touched their record lows in Hong Kong, as Didi Global Inc.’s announcement to start U.S. delisting and rising scrutiny on mainland firms traded there dealt a further blow to already soured sentiment.

The Hang Seng Tech Index, which tracks mostly Chinese technology giants traded in Hong Kong, slid as much as 2.7% before closing 1.5% lower to hover over its lowest level since the gauge was launched in July last year. Members of the index have seen about $1.5 trillion of combined market value evaporate since a February peak.