AsianFin -- Chinese tech stocks tumbled, with Xiaomi Corp’s share sale and a series of negative headlines from major companies dampening market sentiment.
The Hang Seng Tech Index fell as much as 3.8% on Tuesday, bringing its decline from a March 18 peak to nearly 9%. Xiaomi shares dropped more than 6% after raising $5.5 billion in an expanded placement.
Trading in Chinese stocks has been volatile recently, as investors have become increasingly cautious about corporate developments following a robust rally. Alibaba Group Holding Ltd saw a decline of over 3% after its chairman warned of a potential bubble in data center construction. Shares of Sunny Optical Technology Group plummeted nearly 9% after the company warned of market restructuring due to a capacity surplus.
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