New rules from China’s antitrust regulator send stock prices tumbling19. August 2021
New rules from China’s antitrust regulator send stock prices tumbling
Shanghai, Aug. 19, 2021
Shares of Tencent and Alibaba fell 4.8% and 4.1%, respectively, after China’s antitrust authority published draft rules prohibiting unfair competition.
Affected are technology companies , which suppress small and medium-sized enterprises with monopolistic practices. They also include false advertising claims and unfair handling of consumer data.
They are part of an ongoing government crackdown that has led to a drop in the valuations of major tech companies such as Alibaba, Didi Global and Tencent over the past month.