China tech giants dive as delisting threat joins crackdown fears – News 24-7 Live News 24-7 Live
China tech giants dive as delisting threat joins crackdown fears

China tech giants dive as delisting threat joins crackdown fears

Alibaba slid almost 4% in Hong Kong Thursday, joining a U.S. selloff that wiped at least 20% off Chinese tech names including Tencent Music Entertainment and iQiyi Inc., Baidu Inc.’s Netflix-like streaming subsidiary.Tech giants from Tencent Holdings Ltd. to Alibaba Group Holding Ltd. dived after U.S. regulators revived threats to toss China’s largest corporations off U.S. bourses, compounding concerns of a widening domestic antitrust crackdown.

Alibaba slid almost 4% in Hong Kong Thursday, joining a U.S. selloff that wiped at least 20% off Chinese tech names including Tencent Music Entertainment and iQiyi Inc., Baidu Inc.’s Netflix-like streaming subsidiary. The Hang Seng Technology Index slid to its lowest since November before ending down just 1.2%.

Tencent, which on Wednesday sought to allay investor concerns about the fallout to its fintech division from growing regulatory pressure, slid 2.8% and has now shed more than $200 billion of market value since a January peak. Following Tencent’s fourth-quarter results, brokerages including Goldman Sachs, Macquarie and HSBC cut their price targets on Asia’s largest company for the first time in at least a year.

News Source: Hindustan times

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