China tech stocks fall as rules revealed‘SELL IT FIRST’: A Zhongtai Financial analyst said that investors are concerned that regulatory reform is far from over and that policies will continue to be introducedBloombergA wave of selling in China’s bellwether technology stocks continued for a fifth day, following Beijing’s latest moves to tighten its grip on the nation’s Internet giants. The Hang Seng Tech Index dropped as much as 3.7 percent after the Chinese State Administration for Market Regulation issued draft rules banning unfair competition among the nation’s online platform operators. Photo: BloombergLosses accelerated in afternoon trade as China issued separate rules to protect key network facilities and information systems, effective next month. Investors in mainland China dumped another HK$4.1 billion (US$532 million) of Hong Kong stocks, the fourth consecutive day of net selling of the territory’s shares, data compiled by Bloomberg showed. China’s uncertain regulatory environment continues to cast a shadow on the tech sector.

Source: Taipei Times August 17, 2021 15:56 UTC