BlockchainLatest From News

Chinese tech stocks rally after anti-monopoly pledge as regulators sharpen claws  

Meituan shares rose 4%, Baidu gained 3% and JD.com climbed 2%. Tencent rose 1.8%, while Alibaba rose about 1.5%.The stock moves come as Chinese authorities have ramped up their pressure on the country’s fast-growing tech giants. Chinese regulators have focused their attention in recent months on Jack Ma’s e-commerce giant and its fintech affiliate Ant Group, whose giant IPO was abruptly suspended in November. Authorities had begun investigating Alibaba in December, primarily for a practice of forcing merchants to choose one of two platforms, rather than allowing them to work with both. Other U.S. or Hong Kong-traded names mentioned in Tuesday’s list of 34 internet platforms that were not included in Wednesday’s initial round included iQiyi, Bilibili, Kuaishou, Mogu and 58.com.

Source: CNBC

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button