The Hang Seng Index extended this week’s losses to head for a bear market even as the Chinese state media sought to reassure investors shaken by Beijing’s regulatory crackdown.

Hong Kong’s stock benchmark fell as much as 1%, taking declines from its recent Feb. 17 peak to 20%. The CSI 300 Index, which is also approaching a bear market, was down 0.2% after swinging between gains and losses earlier in the session.

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