Kuaishou Tech shares slump

Kuaishou Technology fell the most on record after a post-listing lockup on sales of its shares expired, underscoring the extent of investors’ fears about a widening Chinese online crackdown, Bloomberg reports.

The company fell by 15 percent in afternoon trading in Hong Kong, the most since a February listing.

A six-month lockup period on the TikTok rival expired August 4, allowing some of the video giant’s backers to finally dump their stock.

Kuaishou was the biggest loser on the Hang Seng Tech Index, which fell by 2.6 percent Thursday. The stock is now down more than 20 percent from its listing price.

Nearly three-quarters of the company’s Class B shares -- traded on the Hong Kong exchange -- had been subject to lockup agreements, the last of which expired Aug. 4.