Baidu down on report China unlikely to approve acquisition of JOYY's YY Live

JOYY

24/09/2021 12:00

** U.S.-listed shares Chinese tech firm  BIDU.O  down 1.6%
at $157.90 premarket - set to snap three-day gaining streak
    ** China's antitrust regulator is unlikely to approve BIDU's
$3.6 bln acquisition of JOYY Inc's  YY.O  video-based domestic
live streaming business YY Live, Reuters reports, citing two
sources with direct knowledge of the matter  urn:newsml:reuters.com:*:nL8N2QJ255
    ** The Baidu-JOYY deal would be the latest multi-billion
dollar transaction to stumble amid China's broad crackdown on
private cos, notably those in the internet sector
    ** Shares of YY also down 6.2% at $48.97 premarket
    ** This comes amid Beijing's regulatory tightening on tech
firms including Alibaba Group  BABA.N  and Tencent Holdings
 0700.HK  
    ** In its latest move, China also intensifies a crackdown on
cryptocurrency trading  urn:newsml:reuters.com:*:nL1N2QQ0MG
    ** As of last close, BIDU and YY had fallen ~26% and ~35% 
this year

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))