China Tech Selloff Deepens as Tencent Sale Spooks Traders

Bilibili, Meituan, JD.com among biggest losers in sector
Overnight slump in U.S. listings amid rising yields also hurts

WATCH: Tencent is selling a stake in Singaporean online gaming company Sea. Bloomberg Intelligence’s Nathan Naidu discusses the details.Source: Bloomberg

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By Abhishek Vishnoi and Jeanny Yu

January 5, 2022 at 1:46 AM UTC

Updated on

January 5, 2022 at 8:57 AM UTC

This article is for subscribers only.

China’s tech stocks fell once again on Wednesday as firms backed by Tencent Holdings Ltd. came under pressure after it pared investment in the cohort for a second time in two weeks.

The Hang Seng Tech Index fell 4.6% -- the most since July -- in a third straight day of declines, with overnight weakness in U.S. peers also weighing. The gauge closed at the lowest since its inception in mid-2020 with Tencent-backed companies Bilibili Inc., Meituan and JD.com Inc. among the biggest losers.