China Tech Stocks Drop as Alibaba’s Donation Worries Investors
Chinese expertise shares have been on tempo to snap a four-day rally, as traders remained cautious over new clampdowns coupled with the influence of Alibaba Group Holding Ltd.’s giant donation on its stability sheet. The Hang Seng Tech Index dropped 1.2% as of 11:37 a.m. in Hong Kong, partly led by Alibaba Group, which fell as a lot as 4.1%. The decline got here on issues that the e-commerce big’s $15.5 billion pledge to Beijing’s “common prosperity” imaginative and prescient would hit income in coming years. Read more Bloomberg
Meet China’s Fast-Rising Cultural Center: Shenzhen
At present, Shenzhen is the global capital for cultural construction. Last year, it announced 10 large-scale cultural projects worth upward of $2.5 billion. For context, seven of the world’s 13 most expensive projects were located in the southeastern city. Read more Jing Culture & Commerce
