Tencent Holdings leads China tech selloff amid fears of further crackdown

Chinese technology shares had their worst two-day drop since July due to renewed fears Beijing may roll out more restrictions for private enterprise. 

Tencent Holdings shares sank 5.2 per cent on Monday, pummeled by speculation about an unspecified, impending crackdown on China’s largest social media and gaming firm that company spokesman Zhang Jun later denied.

Traders pointed to everything from warnings from regulators over the weekend about scams in the metaverse —a virtual-reality based social media concept —to talk about yet more curbs on the gaming industry. Zhang said the online rumors were unfounded, without elaborating.