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