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Global News Impacting Chinese Tech

Chinese tech stocks plummet as Beijing cracks down on online monopolies

News Snapshot:

World Business News China’s State Administration for Market Regulation (SAMR) has issued draft rules aimed at preventing unfair competition on the internet. The news triggered a selloff in Chinese listed technology stocks in Hong Kong. The latest measure comes as part of Beijing’s broader crackdown on Chinese technology majors and covers multiple areas, including prohibitions on the way corporations are using data, and stamping out fake product reviews. Shares in game development giant Tencent dropped 3.5% in late morning trading on Tuesday, while online retail giant Alibaba was down 2.5%. SAMR is expected to hire third-party auditors to check whether…

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