Chinese Tech Stocks Plunge on Escalating Trade War
Shares of major Chinese technology companies witnessed a selloff on the expected brunt of tariffs and broader concerns that the trade war could hurt the world's second-largest economy just when it was showing nascent signs of recovery.
The Nasdaq-like Hang Seng Tech Index in Hong Kong fell 14% at Monday midday, with tech stocks BYD Electronic and Lenovo Group falling 19% and 20%, respectively. The benchmark Hang Seng Index declined by 11%.
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FAW Toyota launches new bZ5 electric SUV
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