NEW YORK, March 26 (Reuters) - U.S.-listed shares of China
based Baidu Inc BIDU.O and Tencent (HK:0700) Music Entertainment group
TME.N plunged this week, dropping as much as 33.5% and 48.5%,
respectively, from Tuesday's closing levels.
They initially fell in tandem with a broad sell-off of tech
and tech-related shares on Wednesday, when the Nasdaq shed more
than 2%. They extended losses on Thursday after the U.S.
Securities and Exchange Commission (SEC) adopted measures to
remove foreign from U.S. exchanges if they failed to comply with
U.S. accounting standards. The regulator's move comes at a time of heightened tensions
between the world's two largest economies.
Talks last week between U.S. and Chinese officials in Alaska
culminated in U.S. sanctions being announced against Chinese
officials over alleged crimes against humanity and genocide on
Uighurs in Xinjiang. Baidu stock was last down 4.7%, while Tencent had lost 9.6%
on the day.
On Friday, traders said Goldman Sachs Group offered a block
of 10 million Baidu shares and 50 million Tencent shares,
according to a Bloomberg report.