Deepening the sale of Chinese technology stocks

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HONG KONG – Chinese technology stocks fell on Tuesday, extending sharp declines in the previous session fueled by investor concerns about a string of tough measures China is taking against technology and other industries.

By early afternoon in Hong Kong, online gaming and social media giant Tencent Holdings Ltd. by 6.7%. The sell-off pushed Tencent’s market cap down to about $563 billion, according to FactSet — meaning it has lost about $379 billion in market capitalization since it peaked in mid-February.

Hong Kong-listed shares of Alibaba Group Holding Ltd., China’s largest e-commerce company, were also down, dropping 5%.

Months passed into a campaign to rein in big tech that included issues such as data security, monopolistic behavior, and financial stability. The move has tangled companies such as Alibaba, and its sister company Ant Group Co., Ltd. , and Didi Global Inc. The transportation services giant revealed in recent days to curb the after-school tutoring industry has also worried investors.

The city’s Hang Seng Tech index fell 5.2%, outpacing the 2.1% decline in the broader Hang Seng gauge. That has pushed the year-to-date technology benchmark, which was launched exactly one year ago and covers 30 locally listed stocks, to nearly 24%, according to FactSet.

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