Chinese regulators on Tuesday issued a lengthy set of draft regulations for the Internet sector, banning unfair competition and restricting the use of user data.
Browsing: Tencent
As $1-trillion evaporated from Chinese stocks last week, some investors realised they hadn’t paid enough attention to the country’s most important man: President Xi Jinping.
It turns out even the most compliant Chinese billionaires aren’t immune to the regulatory onslaught sweeping the world’s second largest economy.
Shares in both Naspers and its European spinoff Prosus tumbled on Tuesday, following Tencent’s sharp fall after a Chinese state media article described online videogames as “spiritual opium”.
Tencent shares were on track to fall by their most in a decade on Tuesday after a Chinese state media outlet branded online videogames “spiritual opium”.
China’s unprecedented crackdown on its technology industry has turned Tencent Holdings from a market darling into the world’s biggest stock loser this month.
International investors are feeling bruised and uncertain as days of heavy selling hammered China’s top technology stocks that began to seep into currency and debt markets.
Technology investor Prosus will pay up to the equivalent of R2.1-billion in transaction fees when it buys a block of parent company Naspers’s shares, prompting criticism from investors.
Tencent’s WeChat has temporarily suspended registration of new users in mainland China as it undergoes a technical upgrade “to align with relevant laws and regulations”.
China’s leadership perceives the same set of problems as the West when it comes to Big Tech. But it’s willing to go a lot further to rein in the clout of its tech giants. Investors should be afraid.