Tencent-backed China Literature at 6-mth low on report of ending e-reader service

China Literature

28/09/2022 03:50

** Shares of online literature platform operator China
Literature Ltd  0772.HK  fall as much as 5.3% to HK$23.95, their
lowest since Mar. 16
    ** Stock marks the biggest daily pct decline since Aug. 16
if losses hold; on course for sixth consecutive session of fall
    ** Tencent-backed China Literature will end its Kindle-like
e-reader service "Koudaiyue" by Oct. 26, in the latest sign of
China big tech firms' retreat from unprofitable businesses,
South China Morning Post (SCMP) reported 
    ** Users will no longer be able to purchase new books
through their devices, while titles that had already been
downloaded will remain readable, SCMP reported citing China
Literature
    ** Chinese technology giants have ended a string of service
offerings this year, as they grapple with regulatory
uncertainties and a worsening economy - SCMP
    ** Tencent  0700.HK  shares fall as much as 2.1%   
    ** The Hang Seng Commerce & Industry Index  .HSNC  falls
2.3% and the Hang Seng Tech Index  .HSTECH  drops 2.8%
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  both decline 2.4%
    ** As of last close, China Literature's stock had dropped
48.4% this year
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))