Down $290 Billion, China Tech Investors Wargame Worst-Case Scenarios
- Alibaba, Tencent shares are plunging on draft antitrust rules
- Lack of clarity has some China watchers fearing the worst
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With 22 pages of vaguely worded edicts, China has cast doubt on the future of its biggest internet companies and ignited a $290 billion equity selloff.
Investors are now gaming out how bad it might get for Alibaba Group Holding Ltd., Tencent Holdings Ltd. and other Chinese internet giants as Xi Jinping’s government prepares to roll out a raft of new anti-monopoly regulations.