Hong Kong: 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 four percent 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.The moves come as the government puts the squeeze on the once unbridled empire of tech tycoon Jack Ma.The Wall Street Journal report came the same day the New York Stock Exchange reversed course once again and said it would delist three Chinese telecom equities from trading owing to new US government guidance.Wednesday’s announcement capped a dizzying few days of confusing flip-flopping in which the stock exchange announced the removal at the weekend before making a U-turn on Monday, and then saying it would go ahead once… Read full this story
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