(Bloomberg) — A rally in Chinese technology shares following Beijing’s regulatory crackdown eased on Wednesday as bargain hunters retreated from the market.
The Hang Seng Tech Index trimmed its advance to 0.4% as of 10:49 a.m. in Hong Kong, after jumping as much as 3.5% earlier. New Oriental Education & Technology Group also pared its surge to 14% after rising as much as 22%.
The weakening momentum came after a confluence of factors, ranging from an absence of fresh initiatives by Beijing to target tech firms and Cathie Wood’s return to the sector, drove bargain hunters back into Chinese tech firms earlier this week.
(Updates with latest share moves)
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