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International investors bruised after heavy selling of China’s top tech stocks
- Wednesday | 28th July, 2021
LONDON (Reuters) – International investors were feeling bruised and uncertain on Tuesday as a third day of heavy selling hammered China’s top tech stocks and began to seep into currency and debt markets. In US trading, the Nasdaq Golden Dragon China benchmark of Chinese tech stocks listed in New York fell another 6%, taking its losses since Friday past 20% and wiping $500 billion off its value. William Russell, head of product specialists equity at Allianz Global Investors, said the moves had left investors blindsided. Beijing-based tech-consultant Zhou Zhanggui said investors were overreacting to the “rectification” of Chinese tech companies. Monday’s sell-off was triggered by a clampdown on the $100 billion private education industry which sent shares of tutoring providers such as New Oriental Education & Tech Group and Scholar Education Group down more than 45%.
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