Over $1 Trillion Wiped From China’s Top Ten Tech Firms Since February
Chinese government regulations are responsible for the share costs of Chinese’s top IT and excessive tech firms plunging by close to 90 trillion yen (AUD$1.07 trillion) since February.
According to Nikkei Asia, the mixed market capitalisation of these firms, including online marketplace Alibaba, and Tencent, who operate WeChat, has fallen 30 per cent since February.
Last week, Tencent shares were down 20 per cent from February, a reaction to the app collecting user data. Alibaba also incurred loses due to an antitrust suit.