Shares of Chinese internet giant NetEase plummeted by 5.61% on Thursday, amid a broad sell-off in Hong Kong's technology sector. The decline came despite the Hong Kong Monetary Authority's move to cut its key interest rate for the second time this year in an effort to boost the struggling economy.
NetEase's plunge was part of a wider sell-off in Chinese tech stocks, as investors grew increasingly concerned about the sector's growth prospects amid a slowing Chinese economy. The tech-heavy Hang Seng Index declined by 1.1%, with major tech companies like Tencent, Meituan, and Alibaba also suffering losses.
While China announced a 6 trillion yuan ($839 billion) program to refinance local government debt and support economic growth, the market appeared unimpressed. Investors remained cautious about the potential impact of Donald Trump's reelection as U.S. President on trade relations between the two countries.
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