The last three months have been hard on China's most valuable public technology companies. Or, at least, on their share prices. In May Alibaba and Tencent lost more than a tenth of their value in the week after President Donald Trump restricted the export of American technology to Huawei, a privately held Chinese tele-coms giant. Investors feared that knock-on effects from the ban might hurt other Chinese tech businesses by, for instance, making it hard for them to source cutting-edge components and software from America.
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