"The advantages of a secondary listing in Hong Kong include relatively manageable regulatory process and time frame, ability to attract more Mainland Chinese and Hong Kong investors as well as efficient capital raising process," Zhu said.
"The market is going through a 'sell first, ask questions later' phase ... investors think (authorities) want to use the big tech firms to monitor citizens," he said, adding, users may leave such platforms.
The Hang Seng Index fell 2.03 percent, or 579.24 points, to 27,918.14 -- putting it in a correction after falling more than 10 percent from its recent high seen in February.
Yields on US 10-year notes spiked to the highest since early 2020 overnight, dragging down global and Asian equity markets as richly priced tech stocks declined.