Tencent : Alibaba shares sink to record low as China regulations on tech continues
August 19, 2021 at 04:41 am EDT
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Alibaba Group shares sank by 5.4 per cent to a record low in Hong Kong on Thursday, following the latest round of regulations on Chinese tech giants by Beijing.
The shares fell after China reportedly said it was looking at separate and new regulatory proposals including heightening oversight of the live streaming industry and ensuring the rights of drivers who work for online companies.
Shares in China’s biggest advertising platform, Tencent Holdings, also slipped by 3.35 per cent after Tencent executives announced that the government could make substantial changes to how companies use data for advertising in a post-earnings conference call, according to reports.
The news follows the loss of around $1tn of market value from Chinese shares listed globally last month as a result of China’s crackdowns on the technology sector, which rapidly extended beyond antitrust and e-commerce into private tutoring and online content.
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Tencent Holdings Limited specializes in Internet services. Net sales break down by activity as follows:
- development of mobile applications (54.8%): development of online gaming platforms, instant messaging system (QQ), gaming software, photo downloading software, online payment systems, etc.;
- development of electronic payment solutions and services (26.5%);
- online advertising services (17.1%);
- other (1.6%).
China accounts for 93% of net sales.