Chinese internet stocks fall as Beijing cracks down on livestreaming industry

Hello

30/03/2022 11:13

** China's tax regulator says will crack down on tax evasion
in its booming livestreaming industry, and will start requiring
online platforms to report livestreamers' identities, revenue
and profit every six months  urn:newsml:reuters.com:*:nL2N2VX1HB
    ** U.S.-listed shares of Chinese online video platform IQIYI
 IQ.O , social media platform Hello Group  MOMO.O , music
streaming firm Tencent Music Entertainment  TME.N , mobile game
publisher Bilibili  BILI.O  and videogame streaming site Huya
Inc  HUYA.N  down between 2.6% and 4.6%.
    ** Online education firms – New Oriental Education  EDU.N ,
TAL Education  TAL.N  and Gaotu Techedu  GOTU.N  were mixed
    ** E-commerce giant Alibaba  BABA.N , which has video
streaming unit Youku, Weibo  WB.O , Pinduoduo  PDD.O  and JD.com
 JD.O  slip 0.7%-2.3%, while KraneShares China Internet ETF
 KWEB.O  dip 1.2%
    ** The Wall Street Journal also reported on Tuesday that
Chinese authorities are working on regulations to cap internet
users' daily monetary spending on digital tipping.  urn:newsml:reuters.com:*:nFWN2VW0WT
    ** Earlier this month, Chinese Premier Li Keqiang said the
government will continue its regulatory crackdowns on monopolies
to ensure fair competition  urn:newsml:reuters.com:*:nL2N2V803Q

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))