(Reporting by Shanghai Newsroom; Editing by Sonia Cheema)
SHANGHAI, April 13 (Reuters) - Hong Kong stocks plunged
on Tuesday, as major shareholders of Alibaba and Tencent moved
to slash their holdings in the two Chinese tech giants, with
lingering geopolitical tensions keeping investor sentiment weak.
The decline also tracked global stocks that eased overnight,
after the market was rattled by minutes from the Federal
Reserve's last policy meeting that indicated banking sector
stress could tip the economy into a recession.
Alibaba plunged as much as 5.2% in early morning
trade, as SoftBank Group Corp moved to sell almost all
of its remaining shares in the e-commerce giant, the Financial
Times reported, citing regulatory filings it had analyzed.
Alibaba was the biggest drag weighing down the Hang Seng
benchmark .
Tencent , meanwhile, extended losses after a 5.2%
plunge in the previous session, as Prosus said it may
sell more shares in the social media giant.
Taiwan said on Wednesday it had successfully urged China to
drastically narrow its plan to close air space north of the
island, averting wider travel disruption in a period of high
tension in the region due to China's military exercises.
Embattled property developer Sunac China , one of
many Chinese developers that defaulted last year, fell as much
as 60% as the stock resumed trade following a suspension of more
than a year.
Meanwhile, China's stock benchmark , slipped 0.3%
in early morning trade as sluggish economic recovery after China
dropped the zero-COVID policy failed to cheer investors.
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