Tech giant Alibaba leads nearly $290-billion Chinese internet selloff

China has proposed new regulations aimed at curbing the power of its biggest internet companies

Chinese technology giants from Alibaba Group Holding to Tencent Holdings shed almost $290 billion of market value over two days of frantic selling, as investors scrambled to assess the fallout from Beijing’s broadest attempt to rein in its most powerful private-sector firms.

Technology shares tumbled for a second day after Beijing issued regulations designed to curb the growing influence of internet-sector leaders including JD.com Inc, Meituan and Xiaomi Corp. The Hang Seng Tech Index slumped more than 6 per cent on Wednesday in Hong Kong, taking its two-day loss to 11 per cent. Shares in the quintet of firms have sunk