Chinese tech stocks like Alibaba, Didi and Tencent fell sharply in value in 2021.
(Photo: dapd)
Dusseldorf It’s a huge number: Chinese stocks in the US have lost more than a trillion dollars in market value this year. Chinese tech giants Alibaba and Tencent even lost their places in the top ten most valuable companies in the world.
The Nasdaq Golden Dragon Index, which tracks China stocks on the New York Tech Stock Exchange, has lost more than 60 percent in value since its high in February 2021.
The losses at industry giants such as the transport service provider Didi, the online retailer Alibaba and the search engine group Baidu were also large in the past twelve months. Education platforms such as Gaotu Techedu and TAL Education, which in future have to become non-profit at the behest of the government, even collapsed by more than 90 percent.
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