China's 'Five Big Tech' Market Cap Vaps KRW 57 Trillion Over Week

Bloomberg and others reported that the stock prices of China's top five big tech companies have evaporated by 57 trillion won in the past week amid China's prolonged economic downturn.

Bloomberg reported on the 25th local time that China's five major big tech markets, Tencent, Alibaba, Baidu, Pinduoduo and JD Dotcom, have evaporated $41 billion and 57.31 trillion won in Korean money over the past week.

This, coupled with concerns about a hard-line China policy after U.S. President-elect Donald Trump took office and complaints about the pace of the Chinese government's implementation of stimulus measures, intensified the sell-off on the company, the agency said.

The Hang Seng Tech index, which follows the stock prices of major Chinese tech companies listed on Hong Kong's stock market, also weakened.

The Chinese government has announced a series of real estate tax relief and economic stimulus measures since September, but has yet to come up with measures to boost domestic demand to reverse the mood.