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China tech stocks dive on threat of US fraud probe [bbc.co.uk]
Chinese internet stocks have dived in New York trading after the US Justice Department said it was considering launching a fraud investigation.
Chinese search engine firm Baidu fell 9%, rival portal site Sohu lost 5.3%, and messaging firm Sina dipped 9.5%.
The fraud concerns have arisen after accounting irregularities emerged at a number of Chinese firms whose shares are traded in the US.
The news was disclosed by Robert Khuzami, director of enforcement at the US financial services regulator.