China crackdown on tech firms make Hong Kong Index world's biggest loser

Beijing's bold moves to rein in nation's powerful tech firms such as Jack Ma's Ant Group Co., Didi Global Inc. have sent global investors fleeing on concerns over China's tighter grips on data

An index launched a year ago to give investors greater exposure to China’s internet giants is now the world’s worst-performing major technology gauge.

The Hang Seng Tech Index has been on a roller-coaster ride in the last 12 months. The gauge, which marks its one-year anniversary on Tuesday, was up 59% at its February peak but has since seen more than $551 billion in market value wiped out amid Beijing’s clampdown on the sector.

That has reduced the gain to nearly 6%, compared to more than 40% for the MSCI World Information Technology Index and the NASDAQ-100 Index. The measure