Chinese tech giants Tencent Holdings and Alibaba Group Holdings have lost more than $1 trillion in accumulated market value since the selloff in Hong Kong began 13 months ago.
The two tech giants accounts for more than half of the $2.1 trillion in total losses of Hang Send Tech Index, as Bloomberg data shows.
Tech stocks in China have seen high losses over the past year as Beijing extends its regulatory crackdown.
The Hang Seng Tech Index has tumbled 65% since its peak on China’s moves to curb the sector’s profitability. Stocks have also been hammered by concerns of weak revenue growth amid an economic slowdown and the possibility that Chinese companies could be forced to delist from U.S. exchanges as heightened global geopolitcal tensions further fray relations between the two nations.
