Crackdown aftermath: HK index enters bear market

The Hang Seng Index fell 1.8 per cent on Friday, taking losses from its recent February 17 peak to more than 20 per cent. That extended its weekly loss to 5.8 per cent, the worst showing since March 2020. Internet bellwether Alibaba’s shares hit a record low in Hong Kong this week and Tencent Holdings warned the industry to prepare for more regulations including substantial changes to how companies use data for advertising.