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China's Tech Selloff Challenges Xi's Ambitions | Markets & Money News
China's tech industry is facing a severe downturn, with the SSE Star 50 index plummeting by 40% in just four months, erasing nearly $480 billion in market value. This decline is significantly impacting AI-related companies, which represent 42% of China's stock market. Major firms like CATL and Unitree have seen substantial stock losses, reflecting broader struggles amid a 21% drop in the CSI 300 index since June. As investor confidence wavers, President Xi Jinping's ambitions for a tech-driven
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