Chinese Tech Stocks Plunge After Huawei Headlines, Nasdaq Slides

Following the US prosecutors decision to charge Huawei with financial fraud, Chinese tech stocks are tumbling on concerns the trade war will hit corporate profits.

Bloomberg notes that shares of Huawei suppliers are also impacted after the U.S. accused Huawei of stealing trade secrets and defrauding banks.

  • In Taipei, TSMC -3.1%, Largan -1.5%, MediaTek -1.4%

  • In Hong Kong, ZTE Corp. -1%; China Telecom -1.4%; China Unicom -1.3%; Sunny Optical -4.1%; Q Technology -2.3%; Chinasoft International -4.8%

  • In China, Zhejiang Crystal-Optech -3.6%; O-film Tech -6.5%; Shenzhen Everwin Precision -2.6%; Sunwoda Electronic -3%; Shenzhen Sunyes Electronic Manufacturing -1.5%; Shenzhen Sunway Communication -3.5%; Fiberhome Telecom Technologies -2%.

US tech companies are also under further pressure overnight as Nasdaq futures slide to the day-session lows...