China’s New Crackdown Shows $1.5 Trillion Tech Rout Not Over Yet
- China tech gauges in H.K. and the U.S. have halved from peak
- Investors are looking at opportunities in beaten-down stocks
This article is for subscribers only.
Just as a growing number of investors believe China may ease its private-sector crackdown to focus on growth, they were reminded on Friday it may be too soon to make that call.
Within less than an hour, food-delivery giant Meituan sank as much as 18% in its worst loss in nearly seven months after China issued new guidelines asking food-delivery platforms to cut fees they charge restaurants. Hong Kong’s Hang Seng Tech Index, which tracks mainland’s biggest tech companies, also tumbled the most in three weeks.