The rout in Chinese stocks extended Tuesday, with key indexes falling to their lowest levels in years and the battered shares in China’s two biggest tech titans tumbling by double-digit percentages.
The selling pressure has built in recent days, as investors have faced up to the growing risks of widespread U.S. delistings of Chinese companies as soon as 2024, and signs that Beijing’s long-running regulatory crackdown has yet further to run.
The war in Ukraine has also dented global investor sentiment and raised the potential for a new deterioration in U.S.-China relations. Meanwhile, a surge in China’s Covid-19 daily case load—which the latest figures show has more than doubled—has prompted a series of lockdowns, disrupting supply chains and casting a shadow over the domestic economic outlook.
“There are definitely a lot of unknowns there,” said…
