China tech rally ends on report of new IPO rules; Alibaba Group falls 3.9%

A rally in Chinese technology stocks evaporated in the afternoon after Dow Jones reported that new regulations will be proposed to block companies with large amounts of sensitive consumer data from floating shares in the US.

The Hang Seng Tech Index closed 0.2 per cent lower in Hong Kong after rising as much as 2 per cent in the morning. The new rules target companies seeking foreign listing via units incorporated outside the country, Dow Jones reported, citing people familiar with the matter. 

Tech giant Alibaba Group Holding fell 3.9 per cent, Tencent Holdings Ltd. slid 1.1 per cent and Meituan dropped