Chinese Tech Stocks Enter Correction on Geopolitical Woes
- Hang Seng Tech Index fell more than 10% from May 20 peak
- Meituan, Tencent are the biggest drags on the tech gauge
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China’s technology stocks entered into a technical correction as profit-taking and renewed geopolitical uncertainties weighed on sentiment.
The Hang Seng Tech Index, the gauge for Chinese technology stocks listed in Hong Kong, erased early gains to drop 1.7% on Friday. That takes declines from a May 20 high to more than 10%. Meituan and Tencent Holdings Ltd. were the biggest drags on the measure.