Chinese tech stocks slumped as weak corporate earnings coupled with a dimming global growth outlook intensified selling.
The Hang Seng Tech Index closed 4% lower on Thursday, with Alibaba Group Holding Ltd. and Tencent Holdings Ltd. and weighing the most. The latter tumbled 6.5% after the tech behemoth reported its slowest revenue gain since going public in 2004. Xiaomi Corp. also fell ahead of its earnings release later in the day.
