People walk in Lujiazui financial district during sunset in Pudong, Shanghai, China, Jul 13, 2021. SHANGHAI/SINGAPORE: Bewildered investors in China's tech sector scrambled once again from regulators on Tuesday , fearing that a state media story thatsignals a new front in the barrage of scrutiny that is being directed towards big business.
"People want to know when it's time to buy, but there's not yet something concrete in the rules to find as a floor."Shares in gaming firm NetEase fell nearly 8 per cent on Tuesday while losses were even bigger for game developer XD Inc, which fell 8 per cent, and mobile gaming company GMGE Technology Group, which dropped almost 14 per cent.
"Most will be inclined to believe there's no smoke without fire," said Dave Wang, a portfolio manager at Nuvest Capital in Singapore, which owns Tencent stock, of the vanished story. " showed how investors are jumpy these days," said Ether Yin, partner at Beijing-based consultancy Trivium.
Just sell first, talk later.
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