Skip to content

Tech Leads China Stock Selloff on Inflation, Earnings Woes

  • Hang Seng Tech Index ended 2.8% lower, the most in a week
  • US CPI expected to remain elevated in July, China’s picked up
A NIO Inc. dealership in Shanghai, on June 8.

A NIO Inc. dealership in Shanghai, on June 8.

Photographer: Qilai Shen/Bloomberg
Updated on

Tech shares led a broad slump in Chinese stocks Wednesday, as investors turned cautious over worries about the nation’s fragile economic recovery and potential market impact from US inflation data.

Hong Kong’s Hang Seng Tech Index dropped 2.8%, with electric vehicle makers Nio Inc. and XPeng Inc. the worst performers. The benchmark Hang Seng Index slid 2%. On the mainland, the CSI 300 Index closed 1.1% lower, poised for a sixth week of declines.