Rout in China tech shares boosts buying opportunity

Sshare prices of companies including Baidu Inc at the Exchange Square complex in Hong Kong, China. Baidu’s stock, which made its debut in Hong Kong last week, swung between gains and losses early yesterday. -- Bloomberg , lat week. on Tuesday, March 23,2021. Baidu's stock offering in Hong Kong today marks an unlikely resurgence for founder Robin Li, who has fought his way back to relevance in China’s technology industry after squandering a near-monopoly in search. Photographer: Paul Yeung/Bloomberg

BEIJING: The massive selloff in US-listed shares of Chinese technology companies isn’t linked to their fundamentals and makes for a bigger buying opportunity, according to Citigroup Inc.

The brokerage reiterated buy ratings on Baidu Inc, Tencent Music Entertainment Group and Vipshop Holdings Ltd following what it called an “unfortunate dislocation” of their share prices.