Chinese technology stocks fell as a plan by Tencent Holdings Ltd.’s major backer to further cut its stake in the company fueled concerns more investors may look to take profits following a strong rally.
Tencent slumped as much as 5.8%, the most in nearly six weeks, after Prosus NV on Monday said it intends to sell more of the mobile gaming giant’s stake. JD.com Inc. — another firm in which Prosus sold stock — and Bilibili Inc., were among the other big decliners on Tuesday. “The tech stocks have had a good rally, so it’s not surprising for us to see people taking profit or rotating among sectors.”
A growing chorus of global investors including JPMorgan Asset Management and Goldman Sachs Group Inc. have turned more sanguine on Chinese tech giants, citing attractive valuations and supportive policies.
Belgique Dernières Nouvelles, Belgique Actualités
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