China Literature Ltd leads plunge in internet stocks on regulatory concern

China Literature

17/08/2021 04:54

** Online literature platform operator China Literature Ltd
 0772.HK  leads plunge in internet stocks, falling 13.4% to
HK$62.60, biggest daily pct decline since August 2019
    ** China market regulator issues draft rules banning unfair
competition in internet sector
    ** China Literature Ltd hits lowest since March 9, posts
second consecutive session of decline, even as it reports
turnaround in first-half results
    ** Stock biggest percentage decliner on Hang Seng Tech index
 .HSTECH 
    ** China's State Administration for Market Regulation issued
draft rules on Tuesday banning unfair competition in internet
sector  urn:newsml:reuters.com:*:nB9N2OQ054
    ** Business operators should not use data, algorithms or
other technical means to hijack traffic or influence users'
choices, according to a document published on the regulator's
website
    ** Credit Suisse maintains "outperform" rating on China
Literature Ltd on expectation of steady earnings from core
business despite investor concern on tightening content scrutiny
    ** Shares of Tencent  0700.HK , controlling parent of China
Literature Ltd, fall 3.8% to HK$436.4 in its worst day since
Aug. 5
    ** Hong Kong-listed shares of Bilibili  9626.HK  drop 6.1%
to HK$526.50, lowest since listing on March 29; Baidu's Hong
Kong shares  9888.HK  fall 4.4% to HK$140.20, lowest since
listing on March 23 
    ** NetEase  9999.HK  declines 4.3%, JD.Com  9618.HK  eases
3% and Alibaba  9988.HK  slides 2.4%
   ** Hang Seng Tech index  .HSTECH  falls 1.1%, while the
benchmark index  .HSI  slips 0.6%

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))