Chinese technology giant Tencent Holdings lost, andAli Baba sunsetMore than $1 trillion in combined market value since the sell-off in Hong Kong shares began 13 months ago.
These two technological forces account for more than half of the total losses of $2.1 trillion for the companies that make up the Hang Seng Tech Index, since its record high in February 2021, according to data compiled by Bloomberg Agency and viewed by Al Arabiya.net.
Technology stocks have bore the brunt of the decline in Chinese stocks over the past year, as Beijing expands its regulatory crackdown on technology companies.
The Hang Seng Technology Index has fallen 65% since its peak due to China’s moves to limit the sector’s profitability.
Stocks were also affected by fears of weak revenue growth amid an economic slowdown and the possibility of Chinese companies being forced to delist from US stock exchanges as global geopolitical tensions escalated further straining relations between the two countries.
