(Aug 17) A wave of selling in China’s bellwether technology stocks continued for a fifth day, following Beijing’s latest moves to tighten its grip on the nation’s internet giants.
China tech stocks slump in premarket trading, after China’s market regulator issued draft rules banning unfair competition among the nation’s online platform operators.
Baidu Inc. fell more than 2% while Alibaba Group Holding Ltd. dropped by at least 3%. That followed Monday’sselloffin Chinese online game firms in the wake of state media criticism of the sector, which spilled over into U.S. trading overnight as the Securities and Exchange Commissionwarnedabout the risks of investing in Chinese stocks.
The wide-ranging proposals released Tuesday come after the tech-industry ministry launched a campaign last month aimed at rooting out a raft of problematic behavior. It follows moves by Beijing to rein in the country’s internet leaders in areas from antitrust to data security and ride-hailing.
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