Monday, 27th September, 2021
Monday, 27th September, 2021

Hong Kong stocks dive more than 3% in afternoon

Shares in Hong Kong tumbled more than
three percent in the afternoon, with tutoring firms battered by news that
China plans to overhaul the private education system to ban them from making
profits.

The Hang Seng Index dived 3.13 percent, or 854.84 points, to 26,467.14 soon
after the break, with technology companies also hit by the latest crackdown
on the sector after mainland authorities ordered Tencent to give up its
exclusive music label rights, citing anti-monopoly laws.

The Shanghai Composite Index sank 2.47 percent, or 87.74 points, to
3,462.66.

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