Chinese technology stocks dropped sharply on growing concerns they could be delisted from US exchanges and reported plans by Beijing to take control of the groups’ user data.
The Hong Kong-listed shares of Alibaba, the Chinese ecommerce group, were down 4.2 per cent by midday on Thursday, while those of internet business Tencent dropped 2.3 per cent. Shares in Baidu, the search engine group that debuted in the city this week, tumbled almost 9 per cent.
Hong Kong’s Hang Seng Tech index, which tracks shares in big Chinese tech groups, fell as much as 5 per cent.
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