$560 billion wiped off China markets this week amid crackdown on tech firms

Over $560 billion in market value has been wiped off Hong Kong and mainland China exchanges in a week as China's tech stocks slumped amid a crackdown. Hang Seng index fell 1.8% on Friday and 5.8% in the week, its largest since March 2020. Alibaba's Hong Kong shares ended at a record closing low, while Tencent touched a 14-month low.