Over $560b wiped from China markets in a week

China's tech stocks slumped to new lows on Friday and Hong Kong's benchmark index hit an almost 10-month trough, as an unrelenting series of Chinese regulatory crackdowns crushed investors' confidence.

More than $560 billion in market value has been wiped off Hong Kong and mainland China exchanges in a week as funds capitulate out of once-favoured stocks, unsure which sectors regulators will target next.

The Hang Seng (.HSI) fell 1.8 per cent and its weekly drop of 5.8 per cent was the largest since the height of the pandemic panic in financial markets in March 2020.

Stocks in Shanghai also fell, while investors sold risky corporate debt and the Chinese currency.