Market Review and Trends
What’s going on in Chinese Tech
By betterspider  •  July 11, 2021
Chinese technology stocks have sold off massively in this past year, and Bloomberg is reporting that more than US$823B of value has been wiped since its peak in February this year. KWEB – the KraneShares CSI China Internet ETF which tracks a portfolio of publicly traded China-based companies whose primary business is in the Internet and Internet-related sectors has fallen close to 40% from its peak. A series of blows What’s fueling this sell-off is a confluence of factors which started from Ant Group’s abrupt suspension of its IPO, which was supposed to be one of the largest IPOs the world would have seen, before being shut down by the Chinese government citing regulatory issues. Following that incident, the Chinese government launched an anti-trust probe into Alibaba and fined it US$2.8B, while Alibaba began its restructuring process to act more like a bank than a technology firm....
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By betterspider
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