Tech titans Alibaba, Tencent dive in Hong Kong on US ban fears

Shares in China’s two biggest companies Alibaba and Tencent tumbled in Hong Kong on Thursday in response to the media reports that the Trump administration plans to press ahead with a ban on Americans investing in them.

Ecommerce titan Alibaba sank more than 4 per cent and internet powerhouse Tencent shed 3.3 in morning trade after the Wall Street Journal said officials in multiple government departments were assessing the impact of an investment ban.

Such a move would be another blow to Alibaba, which has come under pressure from Chinese officials with regulators last month launching an anti-monopoly probe into it, while its fintech giant Ant Group was ordered to drastically change its business model.