Hong Kong and US-listed Chinese tech shares saw a sharp sell-off on Monday. The Hong Kong Hang Seng Index plunged 6% to 15180.69 on Monday, the worst performance since the 2008 global financial crisis, and has continued to slide on Tuesday. The Nasdaq Golden Dragon China fell as much as 20% and before recovering slightly to end Monday with a 14.4% drop, while the Shanghai Composite Index lost 2.02%. US-listed Chinese tech companies most affected by the sell-off include Pinduoduo, which closed down 24% on the Nasdaq, while Alibaba and JD slumped 12.5% and 13%, respectively. After a week-long delay, China posted its latest GDP figures on Monday, showing a growth of 3.9% in the third quarter compared to the same period in 2021. Although better than expected, the data still compounded the stock sell-off due to results being below the official annual target of 5.5%. [WSJ]
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