JD.com (09618.HK) saw its shares plummet 10.70% in early trading on Monday, as Hong Kong's technology sector faced a significant sell-off. The decline comes amid a broader market downturn, with the Hang Seng Tech Index dropping 11% at the open.
The e-commerce giant's stock price decline is part of a larger trend affecting major Chinese tech companies listed in Hong Kong. Other notable tech firms also experienced substantial losses, with Alibaba and Tencent, JD.com's main competitors, both falling by 13% and 11% respectively.
Market analysts attribute the sharp decline to increasing investor concerns over the tech sector's outlook. The sell-off appears to be indiscriminate, affecting a wide range of companies across various tech subsectors, including e-commerce, electric vehicles, and smartphones. This widespread decline suggests underlying worries about the broader economic environment and its potential impact on the tech industry's growth prospects.
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