Chinese tech stocks plunge on Tencent Holdings sale, fine on Alibaba China’s tech stocks fell once again on Wednesday as firms backed by Tencent Holdings Ltd. came under pressure after it pared investment in the cohort for a second time in two weeks. The Hang Seng Tech Index fell 4.6%—the most since July—in a third straight day of declines, with overnight weakness in U.S. peers also weighing. The gauge closed at lowest since its inception in mid-2020 with Tencent investees Bilibili Inc., Meituan and JD.com Inc. among the biggest losers. The Chinese tech giant cut its stake in Singapore’s Sea...