China Tech Rout Deepens as Beijing Targets Data, U.S. Listings

China’s move to rein in two of the most powerful corporate trends of the past decade -- the rise of data-hungry tech titans and the flood of Chinese listings in the U.S. -- is rippling through markets as investors brace for a new era of tighter oversight from Beijing.

A gauge of Chinese technology stocks traded in Hong Kong fell as much as 1.9% on Wednesday to approach its lowest level since November. The index has slumped more than 30% since its February high, while a measure of Chinese American depositary receipts tumbled 3% on Tuesday. Didi Global Inc., which ...