Hang Seng Tech Index tumbles over 4%, technology heavyweights plunge across the board

 

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The Hang Seng Tech Index is extending loss to more than 4% in Hogn Kong, the Hang Seng Index and the Hang Seng China Index sliding by more than 2%.

Technology heavyweights are diving across the board, with JD Health slumping nearly 8%, Alibaba Health down 7.4%, Kuaishou slumping more than 7%, Bilibili, Ming Yuan Cloud sliding more than 5%.

Alibaba tumbled by as much as more than 6% to hit HK$7.38 at one point, the lowest level since June 6, brining its market capitalization below HK$ 2 trilliion.

Chinese billionaire Jack Ma plans to give up control of financial technology company Ant Group, the Wall Street Journal reported on Thursday.

With Ma giving up control, a revival of Ant’s IPO could be put back another year or more as Chinese securities regulations require a timeout on public listings for companies that have gone through a change in control.

Ma currently controls 50.52% of voting rights in the company. He could transfer some of his voting power to other Ant officials including Chief Executive Eric Jing, the report said.

Food delivery giant Meituan is sliding more than 5% in Hong Kong to hit as low as HK$177.4, the lowest level since July 15.

Market regulator in Hangzhou city, capital of East China’s Zhejiang province, summoned food delivery platforms including Meituan and Ele.me, requiring them to fulfill the responsibility for food safety and tell merchants on the platforms not to engage in vicious competition by deliberately lower princes, the regulator said in a statement on Thursday.