China’s tech giants have lost more than $280 billion in market value as regulatory concerns mount

www.cnbc.com/2020/11/11/china-tech-giants-lost-250-billion-in-market-value-amid-potential-regulations.html

Hong Kong-listed shares of Alibaba plunged 9.8% on Wednesday, while Tencent dropped 7.39%. Smartphone maker Xiaomi also declined 8.18% and Meituan fell 9.67%. JD.com also saw its stock plummet 9.2%.

The combined losses of the five tech heavyweights since their Monday close has contributed to more than $280 billion being wiped off in terms of market cap at the close of the trading day in Hong Kong, according to CNBC calculations.

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China’s State Administration for Market Regulation on Tuesday announced a set of draft guidelines aimed at curbing monopolistic behavior on internet platforms.