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Bloomberg: Mkt Concerns Over Potential VAT Hike on CN Techs; HSTECH Slips to Bear Mkt Edge
Recommend 34 Positive 65 Negative 44 |
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Today (3rd), the HSI once descended 343 points to a low of 26,431, dented by techs. The market is increasingly worried that, after the Chinese government raised the VAT for telecom companies, the next target might be to impose higher VAT on internet companies, according to Bloomberg. This led to a sudden sell-off in Chinese techs, dragging down the HSTECH to the edge of a bear market. Recent volatility in the US stock market exacerbated the decline in share prices, as the market once again questions the high valuations of the tech industry, the report added. Meanwhile, TENCENT (00700.HK), following other tech giants, has been attracting users to its AI Yuanbao by offering electronic red packets, sparking concerns about a fierce price war among Chinese tech giants. TENCENT once eroded 6.3% to a low of $561, and last waned 3.34% to $578.5. BABA-W (09988.HK) dropped as much as nearly 5%, and last printed at $160, down 2.02%. KUAISHOU-W (01024.HK) once plummeted 7.7%, and cratered 4.94% to last at $73.2. AASTOCKS Financial News Website: www.aastocks.com |
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