Thursday, 6 August 2020

Chinese tech stocks slide on Trump's TikTok move

Robert Guy
Chinese technology stocks are down heavily on Friday after US President Donald Trump issued executive orders banning any US transaction with ByteDance and Tencent.
Tencent CEO Ma "Pony" Huateng. Bloomberg
Hong Kong-listed Tencent, which owns messaging app WeChat, is down more than 6 per cent as the Trump administration steps up efforts to block the influence of Chinese social media apps within the US.
Alibaba's Hong Kong-listed shares are down 4.6 per cent and Jd.com's Hong Kong-listed shares are down 3.9 per cent.
China's ChiNext Index, which is a technology heavy benchmark, is down 2.6 per cent.
The broader CSI300 Index, which includes stocks listed in Shanghai and Shenzhen, is down 1.7 per cent.

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