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Global News Impacting Chinese Tech

Liquor Stocks Weigh On Shanghai While Internet Stocks Lift Hong Kong

News Snapshot:

Key News Asian equities were largely higher though Japan, South Korea, and Taiwan were off. China was mixed overnight and Hong Kong and India closed higher. Over the weekend PBOC head Yi Gang stated that Evergrande’s problems are “containable”. Meanwhile, had a negative Wall Street Journal article on Alibaba documenting increased competition, which has caused the company’s market share in E-Commerce to fall from 78% in 2015 to 51% today. Alibaba’s Hong Kong share class did not seem to care as it rose +0.68% overnight as internet names had a good day overnight. However, Tencent saw another small net sale…

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