Caixin
Dec 23, 2021 04:27 AM
FINANCE

China Tech Shares Pare Rally on Alibaba Cloud Report

Sentiment for tech shares is fragile globally, with interest rates set to rise.
Sentiment for tech shares is fragile globally, with interest rates set to rise.

(Bloomberg) — Chinese technology shares listed in Hong Kong trimmed an earlier advance after local media reported that cooperation was suspended between an Alibaba Group Holding Ltd. unit and a government agency.

The Hang Seng Tech Index closed up 1.3% after rising 2.5% in morning trading. Alibaba wiped out nearly all of its initial gains after the 21st Century Business Herald reported that the company’s cloud computing unit was temporarily suspended as a partner of the Ministry of Industry and Information Technology’s internet security program because it failed to report a bug in time.

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