Asian Tech Press (Jan 5) -- The past year has been the year with the most IPOs and the worst performance for technology stocks.

Chinese tech stocks in particular have seen their market value plummet due to tighter regulatory controls on e-commerce, online education, real estate and other internet companies this year. For example, billionaire Jack Ma's Alibaba was fined a record of $2.8 billion by Chinese regulators for anticompetitive behaviors in April, and online education company TAL Education Group saw its share price plunge due to new off-site tutoring rules to reduce 'twin pressures' of homework and tutoring on children.

In addition, Chinese stocks have also been affected by ongoing tensions between Washington and Beijing, including China's tighter regulation of foreign-listed Chinese companies, and the U.S. SEC's requirement that Chinese companies must disclose relevant information in their IPO filings.

As reported by Reuters, Ajay Kapur, head of Asia-Pacific and global emerging markets strategy at Bank of America Merrill Lynch, sees some short-term gains in Asian markets, but has a "neutral" rating from the second quarter as global liquidity is likely to peak as the Federal Reserve stops buying assets.

He is also bearish on China as he expects the Chinese economy to continue to slow and company earnings to disappoint.

ATP lists the top 20 Asian technology companies in terms of market capitalization declines in 2021, based on the year-to-date market capitalization declines of listed Asian technology companies.

Data on market capitalization in the table comes from companiesmarketcap.com, a market data aggregator website.