Sina Leads Tech Selloff Amid China’s Anti-Porn Crackdown
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Internet companies led the worst weekly decline since mid-March in Chinese stocks trading in New York as the government cracked down on online pornographic content and U.S. technology shares slumped.
The Bloomberg index of the most-traded Chinese stocks in the U.S. dropped 2.3 percent in the week as Sina Corp., owner of a Twitter-like service, plunged 15 percent, its steepest weekly retreat since November 2012. Video website Youku Tudou Inc. tumbled and social entertainment platform YY Inc. slipped to a two-month low.