Value of 10 Chinese tech majors fall over $800bn since February
Government crackdown sends investors fleeing
The share prices of Chinese tech majors, including Alibaba Group Holding and Tencent Holdings, have plunged over the last few months as the government increased scrutiny of the sector. (Source photos by Reuters)
SHANGHAI -- China's once-popular technology companies are losing their shine, with their share prices plunging over the last few months, as investors grew nervous of government clampdowns in the sector.
The combined market capitalization of 10 leading IT and high tech companies, including Alibaba Group Holding and Tencent Holdings, has plunged by over $800 billion or almost 30% from a peak in February.