Hong Kong stocks slumped by the most in two weeks as China proposed tighter rules to control excessive spending in the online gaming industry in another black eye for the downtrodden market. The sell-off erased US$63 billion of market value from the biggest players Tencent Holdings and NetEase.
The Hang Seng Index dropped 1.7 per cent to 16,340.41 at the close, extending the decline for the week to 2.7 per cent. The Tech Index slumped 4.4 per cent, capping the biggest loss since February 10. The Shanghai Composite Index fell 0.1 per cent.
Tencent plunged 12 per cent to HK$274, the biggest drop since October 2008, while NetEase crashed 25 per cent to HK$122, the most on record. The two command about 9.1 per cent weighting in the Hang Seng Index and 14 per cent in the Tech Index. Elsewhere, Bilibili lost 9.7 per cent to HK$80.30 while Kuaishou slipped 7.2 per cent to HK$50.10.
The National Press and Publication Administration said…
