Morgan Stanley says these internet companies will be hit by China's new draft laws

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Morgan Stanley says these internet companies will be hit by China's new draft laws
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China's State Administration for Market Regulation (SAMR) issued draft rules on Tuesday against monopolistic practices in the internet sector.

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China’s draft anti-monopoly rules will likely hit the country’s major internet companies, which were already fighting off rivals that were taking away chunks of their market share, Morgan Stanley said in a report.

Shares of major Chinese internet names including Alibaba, Tencent and Meituan fell sharply on Wednesday. It is likely due to rising risks of competition, lower barriers to entry, and higher hurdles for industry consolidation from future mergers and acquisitions.

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