Beijing's tighter antitrust rules hit U.S.-listed Chinese tech stocks

17 Education and Technology

17/08/2021 11:39

** New York-listed shares of Chinese tech firms drop
premarket following Beijing's move to tighten control of its
tech sector with detailed rules aimed at tackling unfair
competition and handling of critical data  urn:newsml:reuters.com:*:nL1N2PO04L
    ** Alibaba Group  BABA.N  and Tencent Holdings Ltd  0700.HK 
among firms slapped with hefty fines; BABA sheds 3.4%
    ** Tencent-backed companies including online brokerage Futu
Holdings  FUTU.O , e-commerce firm JD.com  JD.O , Nio Inc
 NIO.N , Huya Inc  HUYA.N  down in the range of 2%-7%
    ** Private education firms TAL Education  TAL.N , Gaotu
Techedu  GOTU.K , New Oriental Education  EDU.N , 17 Education &
Tech  YQ.O  fall between 4% and 5.5%
    ** Chinese govt. has also taken ownership stakes in the
domestic entities of social media giants ByteDance and Weibo
 WB.O , Reuters reported; WB drops 3.7%  urn:newsml:reuters.com:*:nL8N2PO04R
    ** Other internet cos Baidu  BIDU.O , NetEase  NTES.O ,
Bilibili  BILI.O , UP Fintech  TIGR.O  decline between 3.1% and
5%
    ** Didi Global  DIDI.N  drops 2.8%; well-known hedge funds
made big bets on the ride hailing co just before Chinese
regulators announced a probe of co, filings showed on Monday
 urn:newsml:reuters.com:*:nL4N2PN3QW    
    ** Global funds have reduced active exposure to China for
the sixth consecutive month as the regulatory crackdown expanded
to multiple sectors, strategists at BofA Global Research wrote
in a note
    ** The KraneShares CSI China Internet ETF  KWEB.P  falls
2.8%, looking to extend its 6-day losing streak and on path to
widen its YTD losses of 41%

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))