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Tencent, Alibaba Have Erased $1 Trillion in Value Over Last Year

  • Two giants account for half of Hang Seng Tech loss since peak
  • Tech has borne brunt of China’s equity plunge amid crackdown

Chinese technology giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd. have lost more than $1 trillion in combined market value since the selloff in Hong Kong stocks began 13 months ago.

The two tech powerhouses account for more than half of the $2.1 trillion in total losses for Hang Seng Tech Index members since the gauge’s February 2021 record high, data compiled by Bloomberg show. Technology stocks have borne the brunt of China’s equity plunge over the past year as Beijing extends its regulatory crackdown.