China crackdown makes Hong Kong index nervous

Technology gauge sees billions in value wiped out

HONG KONG: An index launched a year ago to give investors greater exposure to China’s Internet giants is now the world’s worst-performing major technology gauge.

The Hang Seng Tech Index has been on a roller-coaster ride in the last 12 months. The gauge, which marks its one-year anniversary tomorrow, was up 59% at its February peak but has since seen more than US$551bil (RM2.33 trillion) in market value wiped out amid Beijing’s clampdown on the sector.