Big Chinese tech stocks lost hundreds of billions of dollars,giant companies Didi goes bankrupt
After Chinese ride-hailing giant Didi made its Wall Street debut, Beijing said it plans to tighten rules for homegrown companies looking to raise money overseas. WSJ’s Yoko Kubota takes a Didi ride to explain what the crackdown means for China’s tech titans and investors
Big Chinese tech stocks lost hundreds of billions of dollars in combined market value in July, reflecting rising investor concern about how the sector will fare under a barrage of regulatory pressure from Beijing.
After days of heavy selling, the market enjoyed a two-day rebound on Wednesday and Thursday in Hong Kong, fueled partly by reassurances by Chinese officials and state media. But many investors remained cautious, and the rally fizzled out Friday, with shares in companies such as Alibaba Group Holding Ltd., Kuaishou Technology, Meituan and Tencent Holdings Ltd. falling again.
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