中国科技股出现急挫，令一项关键指数逼近熊市门槛，市场忧虑当局可能对网际网路企业征税。Hang Seng Tech Index 周二由升转跌，盘中最多下挫 3.4%，一度把自 10 月高位以来的跌幅扩大至 20%；收市跌幅收窄，最终下跌 1.1%。Kuaishou Technology、Baidu Inc. 与 Tencent Holdings Ltd. 跌幅居前。
这次突然下跌主要源于对政府可能在近期上调电信企业税负之后，进一步提高网际网路企业增值税的担忧。市场走势亦跟随 Wall Street 的波动，投资者再度质疑科技股高估值，并下调对 US 利率下调的预期。收市后，国家支持的 Xinhua News Agency 否认了关于可能对游戏行业征收特别税负的揣测。
Daniel So（Goldhorse Capital Management）指出，这种急转反映投资者对任何负面忧虑更为敏感，因为在去年强劲反弹之后，中国股票已不再便宜。根据 Bloomberg 计算，中国政府去年录得创纪录的预算赤字，社会福利支出增速为 2017 年以来最快；同时正加强对居民未申报海外资产的征税力度以满足资金需求。情绪亦受拖累，因 Tencent 透过数位红包派现金为其人工智慧应用 Yuanbao 引流，且同业已有类似行动，进一步加深对中国科技巨头价格战加剧的忧虑。
A sharp selloff in Chinese technology shares pushed a key index to the edge of a bear market, as worries grew that authorities may impose a tax on Internet firms. The Hang Seng Tech Index reversed an earlier gain on Tuesday and fell as much as 3.4%, briefly extending its decline to 20% from an October peak, before ending the day down 1.1%. Kuaishou Technology, Baidu Inc. and Tencent Holdings Ltd. were among the biggest decliners.
The abrupt drop was driven by fears the government may raise value-added taxes on Internet companies after a recent tax increase on telecommunication firms. It also followed Wall Street volatility as doubts resurfaced over lofty tech valuations and expectations for US interest-rate cuts were pared back. After the close, the state-backed Xinhua News Agency dismissed speculation about a potential levy on the gaming industry.
Daniel So of Goldhorse Capital Management said the reversal shows investors have become more sensitive to negative headlines because Chinese stocks are no longer cheap after last year’s strong rally. Bloomberg calculations indicate China ran a record budget deficit last year, with social-welfare spending rising at the fastest pace since 2017, alongside intensified efforts to tax undisclosed overseas assets to meet funding needs. Sentiment was further weighed down by Tencent handing out digital red packets to steer traffic to its AI app Yuanbao, reinforcing concerns about an already intense price war among China’s tech giants.