China's biggest tech firms dive in value as firms fear Beijing crackdown plan

Frantic stock sell-offs across sector anticipating monopoly' rules, with Alibaba shopping site shares falling 9.8%

Hundreds of millions of dollars have been wiped off the value of China's biggest internet companies following two days of frenetic selling with investors fearing Beijing plans to curb the power of homegrown tech firms.

Shares in Alibaba, a Chinese version of Amazon, dropped by 9.8% on Wednesday, while its rivals, Tencent, and JD.com, fell by 7.4% and 9.2% respectively.