(Bloomberg) — Chinese technology stocks dropped for a third straight session amid fresh worries over Beijing’s regulatory plans for the sector.
Most Read from Bloomberg
The Hang Seng Tech Index fell more than 3% on Tuesday and headed for the lowest close since its inception in 2020. Alibaba Group Holding Ltd. led declines following a Bloomberg report that authorities have begun another round of checks on its fintech business arm.
The rout weighed on the broader Hong Kong market, with the Hang Seng Index slipping as much as 3.5% as it struggles to shake off the impact of China’s a sweeping crackdown on private enterprise. The weakness also comes as global equities face pressure from escalating tensions in Ukraine.
President Xi Jinping’s “common prosperity” campaign has put the business models of many tech titans in the firing line. Food delivery giant Meituan declined another…
