Selloff in Chinese tech stocks resumed on Thursday as investors eyeing much awaited earnings result of Alibaba Group Holding Ltd.’s and further regulatory risk associated in the sector.
The Hang Seng Tech Index fell as much as 3.9% to the lowest since the gauge was introduced in mid-2020 paring short lived gains in previous session.
Earlier investors expected the worst of regulatory crackdown on Chinese tech sector is over but new measures by Beijing came at a surprise.
Alibaba shares fell to a record in Hong Kong on Thursday ahead of results that may show the e-commerce giant’s slowest ever growth in quarterly revenue.
The benchmark Hang Seng Index dipped to a seven-week low along with other regional indices after Russia president Vladimir Putin announced to conduct military operation in Ukraine.
Last year around $1.6 trillion was wiped out from Chinese tech stocks amid Beijing regulatory crackdown.
