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TikTok rival Kuaishou drops 13% as CEO warns of more regulation, bringing 3-day Chinese tech rally to an abrupt end

August 27, 2021
Source: businessinsider.in businessinsider.in
News Snapshot:
Reuters/Florence Lo/Illustration Chinese TikTok competitor Kuaishou lost as much as 12.5% on Thursday. The slump dragged down the Hang Sang Tech index, which had risen 9% over the previous three days. China's cyber regulator has fined Kuaishou and other internet companies. Chinese TikTok competitor Kuaishou lost as much as 12.5% on Thursday after the company reported mixed earnings and warned that Beijing's regulatory onslaught would pinch its revenues. The firm's Hong Kong-listed shares fell as low as 67.80 Hong Kong dollars from the previous day's closing price of HK$77.50. The slump dragged down the Hang Sang Tech index, which had...
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