Chinese tech stocks fell sharply Monday, weighed by a selloff in Alibaba Group Holding and Tencent Holdings after the two firms received a regulatory fine on past transactions. The losses came after China’s State Administration for Market Regulation fined the two tech giants for not properly reporting past deals, indicating how fragile investor mood remains toward the sector despite signs of easing regulatory headwinds.
“The latest selloff is triggered by the news of fresh fines on anti-monopolistic practices in the sector,” said Justin Tang, head of Asian research at United First Partners. “The world is not out of the woods yet and we will continue to see volatile movement in stocks as a general rule of thumb.
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