On Friday, China also ordered food delivery platforms to cut their fees for restaurants as part of the government’s plan to help the struggling services sector. While this move doesn’t appear to be targeted at Meituan, which dominated the sector, the Hong Kong-listed company still saw a 15% plunge in its shares that day.

The barrage of negative rumors and reports has rekindled investors’ fears that the painful losses caused by Beijing’s crackdown on the tech sector in the past months will deepen, say analysts. Since Beijing canceled Ant’s planned listing, Chinese tech companies have lost around $1 trillion in market value. The frantic selloff from Friday to Tuesday wiped out around $110 billion in market value from Tencent, Alibaba, and Meituan alone.

“The biggest factor driving the decline of the new economy shares last year is industry supervision,” said Kenny NG, a securities strategist at Everbright Securities International. “At the beginning of this year, the markets didn’t pay that much attention to the regulatory scrutiny. But after the spread of such information [about the tech firms], investors start to worry again about that aspect.”

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