Tencent, Meituan Dumped by China Traders Who Used to Buy on Dips

  • China traders sold most Tencent shares in at least a year
  • Technology giants contributed over half of HSI two-day drop
Lock
This article is for subscribers only.

Chinese investors are turning against the nation’s technology giants, removing a pillar of support that helped the sector through previous market routs.

Mainlanders have sold a net HK$33 billion ($4.2 billion) worth of Tencent Holdings Ltd. shares in July in what is likely to be the biggest monthly outflow in at least a year, Bloomberg calculations show. Their stake in the company has fallen to the lowest since February, the data show. They have also sold a net HK$13 billion of Meituan shares this month, cutting holdings to the lowest since May.