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Synopsis
Alibaba fell more than 5 per cent and Tencent dropped as much as 4.4 per cent in Hong Kong trading on Thursday, tracking losses in their New York-listed securities.
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At $1.3 trillion, the combined market value of their primary listings is nearly twice the size of Spain’s stock market, while the firms together account for about 11 per cent of the weighting for MSCI Inc.’s emerging markets benchmark.
Alibaba Group Holding Ltd. and Tencent Holdings Ltd. led a technology stocks selloff as the Trump administration considers barring investments in China’s two most valuable companies.
Alibaba fell more than 5 per cent and Tencent dropped as much as 4.4 per cent in Hong Kong trading on Thursday, tracking losses in their New York-listed securities. The State Department, Department of Defense and Treasury Department are among authorities involved in the deliberations, according to people with knowledge of the talks. The discussions focus in part on how such a m