Global investors sold almost $1bn of Chinese stocks on Monday as Beijing’s crackdown on education companies raised fears of more regulatory tightening across the world’s second-biggest economy.
Investors offloaded Rmb6.45bn ($995m) worth of Shanghai- and Shenzhen-listed shares through market link-ups in Hong Kong during the morning session in Asia.
The market tumult was sparked by a move by Beijing over the weekend to ban academic tuition groups from making profits, raising capital or going public. News of the measures, which were unveiled via a leaked memo and were later confirmed, wiped about $16bn from the value of three of the sector’s biggest companies on Friday.
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