Chinese authorities recently asked state-owned companies and banks to launch a new round of checks regarding their exposure to and links with Ant Group, the financial company that belongs to Chinese tech giant Alibaba. The news caused Chinese tech stocks to plummet on Tuesday, with Alibaba seeing a 5.3% loss in value, as investors worried a new wave of regulatory crackdowns was looming. Another Chinese tech giant, Tencent, saw a 3% drop, with the company also rumored to be facing further scrutiny from the government. Meituan, a leading Chinese food e-commerce company, is another that continues to fall, with the company seeing a 20.7% decrease in value in the last five days of trading.
