Hong Kong's Tech Index sinks to 9-month low on China crackdown

Byd Electronic (International)

08/07/2021 06:20

** The Hang Seng Tech Index  .HSTECH  falls as much as 3.1%
to 7,370.13, its lowest since Oct 7, and on course for a seventh
consecutive session of losses
    ** Stock on course for worst day since July 2
    ** China crackdown on tech and overseas-listed shares
prompts sell-off of Didi  DIDI.N  and others  urn:newsml:reuters.com:*:nL2N2OI22A
    ** Didi's app was ordered to be removed from mobile app
stores in China on Sunday by the Cyberspace Administration of
China (CAC), in order to investigate its findings that the
company had illegally collected users' personal data. The
cybersecurity investigations extended into other China-based
companies  urn:newsml:reuters.com:*:nL2N2OH00S
    ** Extending its actions beyond the tech sector, Beijing
said it would step up supervision of Chinese companies listed
offshore in order to crack down on illegal activity and punish
fraudulent securities issuance  urn:newsml:reuters.com:*:nL2N2OI0SQ
    ** Hong Kong shares of Bilibili  9626.HK  lead slide in the
tech index, plunging as much as 8.4% to HK$775.50, lowest since
May 18
    ** Koolearn  1797.HK  falls 6.8%, BYD Electronic  0285.HK 
drops 6%, Meituan  3690.HK  declines 5.5%, AAC Tech  2018.HK 
slips 5.4%, and Tencent  0700.HK  down 3.1% 
    ** Hong Kong shares of NetEase  9999.HK  drops 4%, Baidu
 9888.HK  eases 3.9%, and Alibaba  9988.HK  slips 2.6%
    ** The Hang Seng China Enterprises Index  .HSCE  drops
2.6%and the benchmark index  .HSI  falls 2.2%
    ** The tech index dropped 12.5% so far this year, as
compared with a 0.5% gain in the benchmark Hang Seng Index
 .HSI    


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))