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
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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.