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