China's Shares Extends Losses Over Tech Woes

MT Newswires Live02-06

China's stocks finished the week with losses as sentiment remained slumped over potential tax hikes on the tech sector.

The Shanghai Composite Index slid 0.3%, or 10.33 points, to cap Friday's trade at 4,065.58. The Shenzhen Component Index likewise lost 0.3%, or 45.98 points, or 13,906.73.

Investors have been selling off their tech stocks as concerns remain on concerns that the value-added tax on internet services will rise, despite officials dismissing the speculations.

In corporate news, Montage Technology (HKG:6809, SHA:688008) fell 2.7% despite setting the offer price for its Hong Kong initial public offering at HK$106.89 per share.

Meanwhile, Goode EIS (Suzhou) (SHE:301680) launched its initial public offering on the Shenzhen bourse.

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