. Chinese technology stocks have fallen even more.
An index of the largest technology stocks listed in Hong Kong has dropped 26% in less than three weeks, reflecting how a sudden turn in the market has snowballed into significant losses for investors who piled into popular stocks earlier this year. The Hang Seng Tech Index—which tracks 30 companies including Chinese internet giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd., and smartphone maker Xiaomi Corp. —closed Tuesday at its lowest level in 2021 and is now in bear-market territory, defined as a drop of at least 20% from a recent high.
In comparison, the Nasdaq Composite closed on Monday 10.5% lower than the index’s recent high on Feb. 12. Money managers say the trigger for the U.S. and Asia market declines was similar: a fast and unexpected
Believe it or not...