China’s tech stocks fell once again Wednesday as firms backed by Tencent Holdings Ltd. came under pressure after it pared investment in the sector for a second time in two weeks.
The Hang Seng Tech Index fell as much as 4.2% – the most since September – in a third day of declines, with overnight weakness in US peers also weighing. The gauge is set for the lowest close since its inception in July 2020 with Tencent investees Bilibili Inc., Meituan and JD.com Inc. among the biggest losers.
