China Tech Selloff Deepens as Tencent Sale Spooks Traders – Bloomberg

China’s tech stocks fell once again on Wednesday as firms backed by Tencent Holdings Ltd. came under pressure after it pared investment in the cohort for a second time in two weeks.
The Hang Seng Tech Index fell 4.6% — the most since July — in a third straight day of declines, with overnight weakness in U.S. peers also weighing. The gauge closed at the lowest since its inception in mid-2020 with Tencent-backed companies Bilibili Inc., Meituan and Inc. among the biggest losers.