Top movers alert: Chinese tech names slump amid higher tax worries
😱Chinese tech names are recording losses as much as 8% this morning amid concerns over the possibility that they could be levied higher value-added tax after the government raised VAT taxes from 6% to 9% on Chinese telcos (e.g. China Mobile. China Telecom, China Unicom Hong Kong)
🔻Tencent shares dropped as much as 6.3%, Alibaba -5%, Kuaishou -7.7% and Baidu -6.8%
🧧Separately, Tencent began handing out subsidies to gain traffic through offering “red packets” via AI application app Yuanbao, according to a Yicai.com report
⭕According to Bloomberg, Chinese tech stocks are failing to attract dip buyers due to the relatively modest trading volumes in recent days, which suggests that serious dip buyers are not getting involved
📢The Chinese tech companies begin reporting their 4Q results in 2.5 weeks, starting with Alibaba on 20 February
⚙Investors keen to trade a potential rebound or further pullbacks can consider the below trending call/put warrants tracking some of the biggest tech losers today:
✳Trending Alibaba call $Alibaba MB eCW260505(WLWW.SI)$ : https://warrants.com.sg/tools/livematrix/WLWW
✴Trending Alibaba put 9POW: https://warrants.com.sg/tools/livematrix/9POW
✳Trending Baidu call $Baidu MB eCW260505(9KEW.SI)$ : https://warrants.com.sg/tools/livematrix/9KEW
✳Trending Kuaishou call $Kuaisho MB eCW260505(UIJW.SI)$ : https://warrants.com.sg/tools/livematrix/UIJW
✳Trending Tencent call $TencentMBeCW260804(NKZW.SI)$ : https://warrants.com.sg/tools/livematrix/NKZW
✴Trending Tencent put $TencentMBePW260303(MJOW.SI)$: https://warrants.com.sg/tools/livematrix/MJOW
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