China’s technology giants have seen a combined $823bn wiped from their market value since a February peak as the Xi Jinping-led government expands its crackdown, fueling continual sell-offs.
The actions of the government has put further selling pressure on China’s biggest technology names including Tencent Holdings Ltd., Alibaba Group Holding Ltd., JD.Com Inc., Baidu Inc. and Meituan. He said that he sold two-thirds of his technology stock holdings, including in Tencent and Alibaba, in May. “The measures from authorities will keep coming,” Pong added.