Hong Kong stocks tumbled, heading for the most significant weekly loss in two years, as Chinese companies faced renewed regulatory risks in the US.

According to SCMP, at the local midday trading break on Friday, the Hang Seng Index fell 3.2 percent to a six-year low of 20,222.79. The Hang Seng Technology Index fell 7.6%, while the Shanghai Composite Index fell 2.2%.

In Hong Kong, Beigene fell 8.3%, Yum China fell 12%, HutchMed fell 15%, and Zai Lab dropped 13%. In Shanghai, ACM Research fell 9.2 percent as its American depositary shares fell 22% in overnight trading.

The U.S. Securities and Exchange Commission (SEC) on Tuesday listed five Chinese firms on a provisional list that could lead to delisting from U.S. exchanges over the next three years, including BeiGene Ltd., Yum China Holdings Inc., Zai Lab Ltd., ACM Research Inc., and HUTCHMED (China) Ltd.

Following the stock decline of these five companies, other Chinese technology companies listed in the U.S. market also fell sharply.

The Nasdaq Golden Dragon China Index fell 10% on Thursday, its worst drop since October 2008. Alibaba Group Holding Ltd. and Baidu Inc. had American depositary receipts of megacaps fall by 6%. In comparison, electric-vehicle startups like Nio Inc. and XPeng Inc. both fell by more than 9%.

Bloomberg cited Brendan Ahern, chief investment officer at KraneShares, said, “The renewed delisting concerns is the primary driver for the brutal selloff in Chinese ADR companies,”

Responding to the SEC’s list, China’s securities regulator on Friday said they were negotiating with US officials and were making “positive progress.”

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