Chinese stocks sold off for a second day as regulators pledged further antitrust action against the country’s financial technology sector on the heels of new rules to curb the monopoly power of its tech giants.
The tech-heavy ChiNext index in Shenzhen fell 1.3 per cent and Shanghai’s Star 50 index dropped 1.1 per cent after a top official with the China Insurance and Banking Regulatory Commission had promised to step up antitrust scrutiny of fintech companies.
The sell-off for Chinese tech stocks extended to Hong Kong, where Alibaba dropped 6.8 per cent, taking it more than 11 per cent lower over the last two sessions and carving $100bn off the company’s market capitalisation. Rivals Tencent and JD.com shed 3.5 per cent and 5 per cent, respectively, while food delivery group Meituan fell 1.6 per cent.