Chinese Stocks Slide as Beijing’s Crackdown Shows No Sign of Abating

  • 📰 WSJ
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 63%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

A fresh wave of selling hit Chinese stocks, capping off a tumultuous week that saw regulators step up their scrutiny of tech companies

Chinese stocks were hit by a fresh wave of selling Friday, capping off a tumultuous week that saw regulators in the country step up their scrutiny of internet-technology companies, showing again that Beijing’s wide-ranging corporate crackdown is far from over.

Several state-media commentaries and articles also suggested that Chinese regulators plan to get tough on more industries, sparking selloffs in the shares of online pharmacy operators and companies that make expensive liquor. The Hong Kong-listed shares of e-commerce behemoth Alibaba Group Holding Ltd. fell 2.6% Friday to post a decline of 14% for the week, ending well below the price they debuted at on the city’s exchange back in November 2019. The selloff took the market capitalization of the company founded by billionaire Jack Ma to about $440 billion, around half its peak roughly 10 months ago.

Shares of Meituan, a food-delivery giant that is also one of China’s most valuable companies, fell 4.5%, finishing the week down 17%. Hong Kong’s flagship Hang Seng Index fell 1.8% Friday to end the week down nearly 6%. In mainland China, the CSI 300 Index, which is made up of the largest stocks listed in Shanghai and Shenzhen, did slightly better, losing 3.6% for the week.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 98. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

China cracked down on Wall Street, the greedy Wall Street was punished, Wall Street lost money and lost everything.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks slide, oil dips as Fed eyes taper by year-endWall Street ended the day lower on Wednesday, after meeting minutes showed U.S. Federal Reserve officials split on when to ease back on economic stimulus, while COVID-19's spread weighed on oil for the fifth straight day.
Source: Reuters - 🏆 2. / 97 Read more »

Stocks take a late turn lower, marking second straight loss\r\nStocks fell broadly on Wall Street Wednesday, adding to losses in the market a day after the S&P 500 had its biggest drop in four weeks. this is terrible news
Source: latimes - 🏆 11. / 82 Read more »

Fake Meme stocks are real, here’s how to spot themSome Meme stocks might indeed be meme-ier than others. ThorntonMcEnery walks you through how bad actors do what they do, how they get away with it, and how you might get tricked if you’re not paying attention. Watch the first episode of MemeMarkets: ThorntonMcEnery thanks lol - follow the scone. Oh wait. Follow the market manipulators. Oh wait. Ah never mind.
Source: MarketWatch - 🏆 3. / 97 Read more »

Stocks making the biggest moves midday: Lowe's, ViacomCBS, Target, BlackBerry and moreCheck out the stocks making notable moves on Wednesday, Aug. 18.
Source: CNBC - 🏆 12. / 72 Read more »

Stocks and teens: Are there enough parental controls as teenagers invest with Fidelity, Wells Fargo?Numerous studies show there's a lack of financial understanding among teenagers even though they control billions of dollars in spending each year. Still, teens are a huge untapped market for investing. iPhone, crypto Is it just me or that boy’s face look superimposed on his head? I think it's time to do something new . Just for technically minded teenagers. Clothing of people of science))
Source: USATODAY - 🏆 100. / 63 Read more »

Retail investors are losing enthusiasm for the market, but they are still buying these stocksNew for subscribers: Retail investors are losing enthusiasm for the market, but they are still buying these stocks. Check out CNBCPro today. Pro Take this ratio, and sit down.
Source: CNBC - 🏆 12. / 72 Read more »