The Chinese government has launched a crackdown on the dominance of technology giants. Photo: Shutterstock
Shares of Alibaba, Tencent, Meituan take a hammering in Hong Kong as Beijing clips Ant’s wings, cracks down on monopolies
- The Hang Seng Index declined 0.3 per cent on Monday, as investors watched for signals from Beijing about moves to further rein in the tech sector, and Covid-19 cases flared
- E-commerce giant Alibaba Group plunged 8 per cent even as it increased share buy-backs, Meituan was down 6.9 per cent and Tencent dived 6.7 per cent
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Hang Seng Index
The Chinese government has launched a crackdown on the dominance of technology giants. Photo: Shutterstock