Patrick Frater Asia Bureau ChiefNews over the weekend of a record breaking $2.8 billion fine for Chinese tech giant Alibaba produced a huge relief rally.
The company’s value surged by more than $30 billion in Monday stock trading.But continuing share market volatility suggests that there is ongoing worry about further regulation and the path forward for China’s media and tech giants.Hong Kong’s tech share index, which includes the principal stock listing of China’s largest company Tencent, and now also includes the secondary equity listings of Alibaba, Baidu and Bilibili, is deep in bear market territory.
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