Shares of technology companies rose, but not by as much as the broad market, as a rout in some of the riskiest stocks and investments continued.
Shares of several companies formed through special-purpose acquisition companies fell sharply, including Digital World Acquisition, a social media holding company linked to former President Trump, which is reportedly under investigation by federal authorities.
Lucid Group fell sharply after it received a subpoena from the Securities and Exchange Commission related to the SPAC deal that took the electric-vehicle company public this summer. Shares of online media concern BuzzFeed fell sharply after it went public in a SPAC deal.
In Hong Kong, a flight from Chinese Internet stocks continued. The Hang Seng Tech Index, which tracks the 30 largest technology companies listed in the city, slid 3.3% to its lowest level, with losses led by companies such as online bazaar Alibaba Group Holding. The benchmark, which launched in July 2020, has lost close to a third of its value this year, and is down 45% from a peak in February.
Chinese artificial-intelligence company SenseTime Group plans to raise up to $767 million in a Hong Kong initial public offering this month, pushing ahead with its listing plans despite a rout in Chinese technology stocks and a unit's inclusion on a U.S. export blacklist.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-06-21 1730ET
