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China’s technology and chip sectors come under fresh selling pressure
- Tuesday | 3rd August, 2021
SHANGHAI (Reuters) -China’s technology and chip sectors came under fresh selling pressure on Tuesday after state media attacked the country’s largest social media and video game firm, Tencent Holdings Ltd, and regulators said they are launching an investigation into chip distributors in the auto industry. The broadside comes days after the securities regulator and state media sought to soothe investor fears over the pace and breadth of market reform. We are reducing our exposure in those sectors which have a higher risk of being regulated. They don’t believe anything is off limit and will react, sometimes over react, to anything on state media that fit the tech crackdown narrative. Education and school catchment, which are closely related to the three-child policy, may face strict and continued supervision and regulation.
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