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China Tech Rally Sends Insiders Rushing for Exits: Tech Watch

  • Insiders have been net sellers of shares in May, June
  • Golden Dragon Index poised for first weekly decline in seven
Updated on

No one would have predicted it a few months ago, but Chinese technology stocks now are a rare pocket of strength in global markets. A wave of selling by corporate insiders is calling into question how far the rally can go. Inc. insiders were net sellers of shares in May and June, the first back-to-back selling since November, Bloomberg-compiled data show. The major backer of Tencent Holdings Ltd. said this week it will further cut its stake, while SenseTime Group Inc. nosedived after cornerstone investors offloaded shares at the first opportunity since the artificial intelligence giant’s initial public offering in December.