Chinese technology stocks listed in the US are set for their worst month since the global financial crisis after investors dumped shares following a regulatory crackdown by Beijing.
The Nasdaq Golden Dragon China index, which tracks Chinese tech stocks listed in New York, has fallen 22 per cent in July, putting it on course for its biggest monthly fall since 2008. Shares in Chinese internet groups Tencent and Alibaba have dropped about 16 per cent and 10 per cent respectively.
The sharp declines come as Beijing has launched a regulatory assault on companies that handle large amounts of data and education businesses, as well as an overhaul of how Chinese groups list on stock markets outside the country.
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