SINGAPORE – Asia Pacific stocks were broadly lower on Wednesday as technology stocks in the region came under pressure on rising US bond yields.
Tencent’s Hong Kong-listed shares fell 4.31% on Wednesday. The Chinese tech giant announced on Tuesday that it would sell 2.6% of its stake in Sea Limited.
Shares of other Chinese tech companies listed in the city also fell, with Meituan falling 11.16% and Kuaishou falling 7.53%. The Hang Seng Tech index plunged 4.63% to 5,323.47.
China’s top market regulator announced Wednesday that it has fined units of Alibaba, Bilibili and Tencent for misreporting deals. The country’s cyberspace regulator also announced draft rules for mobile apps on Wednesday, including a security clearance requirement for those with features that could sway public opinion.
Elsewhere in the region, South Korea’s Samsung Electronics lost 1.65% while cocoa lost 5.38%. In Australia, Afterpay’s shares fell 4.01%.
These movements came …