Hang Seng stocks count US$172 billion damage in value as investors dump Chinese tech stocks amid regulatory chill

Hang Seng Index slipped for a sixth day, heading for its worst losing sequence in a month as tech, pharma stocks wavered

Suning.com surged by maximum 10 per cent in Shenzhen following a US$1.4 billion rescue plan by state enterprises, tech firms

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The Hang Seng Index continues to slide amid a sell-off in Chinese tech stocks on regulatory concerns. Photo: EPA-EFE

Published: 11:06am, 6 Jul 2021Updated: 5:00pm, 6 Jul 2021

Hong Kong stocks fell for a sixth day as investors dumped Chinese tech giants amid mounting concerns about regulatory risks.

The Hang Seng Index slipped 0.3 per cent to a seven-week low of 28,072.86 at the close of Tuesday trading, The longest losing streak in a month lopped off at least US$172 billion of value off the index members as the benchmark hit a seven-week low.

The Shanghai Composite Index and the Shenzhen Component Index lost 0.1 to 0.3 per cent.

Chinese technology companies suffered a fifth day of beating, with the sector barometer losing 0.9 per cent. Alibaba Health Information and Sunny Optical and Ping An Healthcare were loss leaders among Hang Seng Tech Index members, retreating by more than 4 per cent each.

Beijing’s tightening grip and regulatory power on Big Tech is sending a chill among investors in Chinese internet-platform operators traded in Hong Kong and the US. An antitrust probe into fintech giants has now progressed into the cybersecurity arena, as regulators probe security and privacy breaches among ride-hailing firms like Didi Chuxing and Full Truck Alliance.