Alibaba Leads Chinese Internet Selloff Nearing $290 Billion
- Hang Seng Tech index has slumped about 11% in two days
- Beijing is curtailing influence of its largest private firms
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Chinese technology giants from Alibaba Group Holding Ltd. to Tencent Holdings Ltd shed almost $290 billion of market value over two days of frantic selling, as investors scrambled to assess the fallout from Beijing’s broadest attempt to rein in its most powerful private-sector firms.
Technology shares tumbled for a second day after Beijing issued regulations designed to curb the growing influence of internet-sector leaders including JD.com Inc., Meituan and Xiaomi Corp. The Hang Seng Tech Index slumped more than 6% on Wednesday in Hong Kong, taking its two-day loss to 11%. Shares in the quintet of firms have sunk at least 11% over two sessions.