China Tech Stocks Sink as Alibaba, Tencent Suffer Fresh Fines
- Tech giants fined for not properly reporting past transactions
- Selloff forms part of broader weakness in Chinese stocks
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Chinese tech stocks fell sharply Monday, weighed by a selloff in Alibaba Group Holding Ltd. and Tencent Holdings Ltd. after the two firms received a regulatory fine on past transactions.
The Hang Seng Tech Index dropped as much as 3.7%, with Alibaba among the top losers after plunging 6%. Tencent fell a maximum of 3.2%.