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Published on 31 May 2024 on Benzinga

Alibaba, Tencent Price Cuts Put Chill On China Tech: Profit Squeeze, Trade Tensions Push Stocks Near...

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Chinese technology stocks are facing a significant downturn, nearing a technical correction due to profit-taking and geopolitical uncertainties.

What Happened: The Hang Seng Tech Index, which tracks Chinese tech stocks listed in Hong Kong, fell by as much as 0.9% on Friday. This decline has pushed the index down more than 10% from its May 20 high, indicating a technical correction, according to Bloomberg.

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