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Tencent Leads China Tech Selloff as Earnings Worries Mount

  • Hang Seng Tech Index slumps, even with Premier’s support vows
  • Dimming growth, earnings outlook behind broad stock downturn
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WATCH: Tencent warned it will take time for Beijing to act on promises to prop up the Chinese tech sector. Stephen Engle reports.Source: Bloomberg
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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.