Hang Seng Falls 3% amid Selloff in Tech Stocks after Beijing Imposes Fines on Major Firms

Hong Kong’s Hang Seng Index fell 3.21% in the afternoon session, dragged by the tech stock after China imposed fines on major tech giants such as Alibaba and Tencent as well as several other companies for failing to comply with anti-monopoly rules on the disclosure of transactions.

The State Administration for Market Regulation (SAMR) released a list of 28 deals that violated the rules in which five involved units of Alibaba and 12 for Tencent.

The Hang Seng Tech Index plunged 4.41% on Monday, while dropping 15.21% since January.


According to Reuters, the maximum potential fine in each case stands at 500,000 yuan ($74,688) under the anti-monopoly law.


As of 13:31 local time in Thailand, Nikkei rose 1.11%, SSEC fell 1.60%, Kospi dipped 0.36% and IDX Composite slipped 0.32%. Stock markets in Singapore and Malaysia are closed for holiday.