Tech giant Tencent, meanwhile, dropped 9% in Hong Kong, recording its worst day in abouta decade. Alibaba BABA Tencent TCEHY hours, with Alibaba closing down 6.4% in Hong Kong on Monday and falling another 6.4% on Tuesday. Tencent's declines over the past two days, meanwhile, have erased more than $100 billion from its market value. Since February, shares of overseas-listed Chinese tech firms have lost a staggering $1 trillion in value, according to Goldman Sachs analysts. The announcement from China's Ministry of Education has wiped billions of dollars off the market value of several major, publicly-traded education firms.

Source: CNN July 27, 2021 06:14 UTC