Chinese tech stocks plunged for a third day as investor fears grow over a broadening crackdown by Beijing, with shares of Tencent falling the most in a decade after the internet group halted registrations for its flagship app.
Hong Kong’s Hang Seng stock benchmark tumbled more than 5 per cent on Tuesday with the Hang Seng Tech sub-index falling 8.7 per cent. Tencent’s shares fell 10 per cent while ecommerce group Alibaba dropped 7.7 per cent and delivery platform Meituan skidded 17 per cent.
The Nasdaq Golden Dragon index, a benchmark of Chinese tech stocks listed in New York, has dropped 15 per cent in two days — its worst fall since 2008.
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