Indeed, tech giants such as Alibaba, Tencent and Meituan are becomingas their platforms have deeply penetrated daily life, becoming part of China’s vast digital infrastructure. People rely onapp for food delivery, dining and entertainment. They are also crucial to the job market as many tech companies provide highly paid jobs and support a growing middle class in tier 1 and tier 2 cities.
Looking at the past 30 years, HSI navigated through many episodes of market turmoil. The magnitude of the selloff seen during the first half of this month marks the third largest monthly decline after the. The index gained 25.5% in the 18 months after the 1997 crash. It surged 55.7% in the six months after the 2008 one.
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