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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
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WATCH: Ride-hailing giant DiDi says it’s planning to delist its U.S.-traded shares before it finds a new venue for the stock.Source: Bloomberg
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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.