Half-a-trillion dollars wiped off China markets in a week

US stocks. Photo: AFP/Johannes Eisele. Sketched by the Pan Pacific Agency.

BEIJING, Aug 21, 2021, ToI. China’s tech stocks slumped to new lows on Friday and Hong Kong’s benchmark index hit an almost 10-month trough, as an unrelenting series of Chinese regulatory crackdowns crushed investors’ confidence, The Times of India reported.

More than $560 billion in market value has been wiped off Hong Kong and mainland China exchanges in a week as funds capitulate out of once favoured stocks, unsure which sectors regulators will target next.

Chinese companies listed in the US are on pace for their longest losing streak in more than a decade after Beijing intensified its regulatory clampdown across various industries this week.

American depositary receipts for tech giants have racked up losses with Tencent Holdings, Alibaba Group, and Nio erasing more than 9% each this week.

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