China Tech Shares Slide on Rising Bond Yields, Regulatory Risk
- Hang Seng Tech Index falls for the fifth consecutive day
- Alibaba drops to record low in Hong Kong, below October level
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Chinese tech shares extended their declines Tuesday, pressured by rising Treasury yields and signs of Beijing’s continued tight scrutiny of the sector.
The Hang Seng Tech Index fell 1.4% to close at the lowest in two weeks, after dropping as much as 2%. Among the worst performers were Kingdee International Software Group Co. and Alibaba Group Holding Ltd., which dropped to a fresh record low.