This week’s sell-off in Hong Kong will go down as one of the biggest in history, according to Bespoke Investment Group. WeChat suspends new user registrations as China cracks down on tech
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That’s not even accounting for the stocks of Chinese tutoring firms, which were slammed after officials announced a clampdown on the country’s fast-growing education sector.Ĭlose-up to install WeChat app on a smartphone JYPIX/Alamy Stock Photo The WeChat announcement came on top of that, dealing another blow.Īltogether, three of China’s most valuable companies - Tencent, Meituan and Alibaba - lost more than $237 billion through the first two days of trading this week.
The losses came after it was ordered by regulators over the weekend to scrap its plan to acquire another music streaming player, China Music Corporation. Tencent also recorded its worst day in about a decade on Tuesday, losing more than $100 billion in market value. Meituan runs one of China’s biggest food delivery platforms, with hundreds of millions of users making transactions on its app annually. The company shed more than $62 billion in market cap after regulators issued guidelines Monday calling for improved standards for food delivery workers. Monday and Tuesday had been Meituan’s two worst days on record. (BABA) each rebounded 7.5% and 1.8%, respectively.Įach had seesawed throughout the day, at one point posting declines of between roughly 2% and 3%. Meantime, the Hang Seng Tech Index, a Nasdaq-like index that tracks the largest tech firms trading in the city, closed up 3.1%, while Meituan and Alibaba Meituan, Tencent and Alibaba just lost hundreds of billions of dollars in market value China's regulatory crackdown on technology companies shows how technology is quickly turning into the next major battleground in a clash of superpowers, with implications that potentially could reshape the global economy for decades to come. It had earlier fallen as much as 6.4%, before paring most of those losses.Ī Meituan advertisement inside a subway station in Beijing, China on July 16, 2021.
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(TCEHY)shares closed flat after news that the company’s WeChat messaging platform would temporarily suspend all new user registrations to comply with regulations relating to an upgrade of its security systems. “A short-term shock does not change the nature of the long-term positive trend … China’s economy and markets are at an advantage in terms of its width and depth.”Įven so, Chinese tech stocks swung wildly Wednesday.
“Investors should have confidence in the market,” it wrote. Chinese state media is urging investors to stay calm following a brutal stock market sell-off this week that has wiped out hundreds of billions of dollars in value.Ĭhinese state-run newspaper Securities Times published a commentary Wednesday acknowledging the “changes in policy for certain industries” after a market rout on Monday and Tuesday that came as investors reacted to Beijing’s widening crackdown on private enterprise.
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