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Chinese tech stock rout deepened, slashing billions of dolla

Chinese tech stock rout deepened, slashing billions of dolla -Chinese-tech-stock-rout-deepened-slashing-billions-of-dolla

Chinese tech stock rout deepened, slashing billions of dollars from the likes of Alibaba Group Holding and Tencent Holdings in Hong Kong, on heightened concerns about an industry crackdown, Covid-19 outbreaks, and China’s position on the Ukraine conflict.⁠

Losses spiralled after JPMorgan Chase downgraded 28 Chinese internet stocks including Alibaba, Tencent Holdings and Meituan to underweight, calling them “uninvestable” over the next six to 12 months due to rising geopolitical and macro risks, Bloomberg reported.⁠

The blue-chip Hang Seng Index fell 3 per cent to 18,947.25 at the local noon trading break, the lowest level in six years and bringing the losses this year to 19 per cent. The Hang Seng Tech Index sank as much as 7.2 per cent before paring it to 2.4 per cent, following an 11 per cent plunge on Monday. The Shanghai Composite Index lost 2.2 per cent.⁠

Alibaba, the owner of this newspaper, slipped 6.7 per cent to another record-low of HK$75.45, while Tencent retreated 5.4 per cent to HK$313.80 amid concerns about a large penalty. JD.com tumbled 5.2 per cent to HK$170.70.⁠

📸: AP⁠

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