China Tech Stocks Slump on Didi Delisting Plan, Regulation Woes
- Hang Seng Tech Index loses 3.8% on return after long weekend
- Beijing’s crackdown, global tech selloff also hurt sentiment
This article is for subscribers only.
China’s technology stocks slumped as trading resumed in Hong Kong after the long weekend, with continued concern over government regulation and a potential delisting of U.S.-traded shares dampening sentiment.
The Hang Seng Tech Index slid 3.8% from its closing level on April 14, with video-game streaming site Bilibili Inc. plunging almost 11%. China is starting a two-month “clean-up” inspection of the live-streaming and short video sectors to crack down on illegal behaviors, according to a statement posted on the Cyberspace Administration’s website late Friday.