Tencent, Meituan dumped by traders who bought on dips

Mainlanders have sold a net HK$33bil (US$4.2bil or RM17.77bil) worth of Tencent Holdings Ltd shares this month in what is likely to be the biggest monthly outflow in at least a year,

HONG KONG: Chinese investors are turning against the nation’s technology giants, removing a pillar of support that helped the sector through previous market routs.

Mainlanders have sold a net HK$33bil (US$4.2bil or RM17.77bil) worth of Tencent Holdings Ltd shares this month in what is likely to be the biggest monthly outflow in at least a year,

Bloomberg calculations showed. Their stake in the company has fallen to the lowest since February, the data showed. They have also sold a net HK$13bil (RM7.07bil) of Meituan shares this month, cutting holdings to the lowest since May.