China Tech Rout Resumes on Policy Jitters Before Alibaba Results
- Hong Kong’s tech index falls to lowest since 2020 inception
- Investors awaiting Alibaba earnings to gauge policy impact
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Chinese technology stocks tumbled by the most in seven weeks, tracking a broader selloff due to tensions in Ukraine, with investors weighing the risk of further regulatory tightening on the sector.
The Hang Seng Tech Index fell 4.3% to close at the lowest since the gauge was introduced in mid-2020. Expectations that the worst of China’s tech crackdown is over were dealt a blow last week, as new government policy prompted a downward spiral in stocks from Friday.