Shares in Chinese internet groups fell after the country’s market regulator said it would tighten antitrust and data restrictions on platforms, marking the latest stage of Beijing’s crackdown on the sector.
The State Administration for Market Regulation, China’s antitrust watchdog, released draft rules on Tuesday banning unfair competition among internet companies, in a move that could sharply intensify government oversight of the country’s leading tech platforms when they are adopted this year.
Shares in Chinese internet and ecommerce groups Alibaba, Tencent and JD.com fell 2 per cent, 3 per cent and 4.6 per cent, respectively, in Hong Kong trading following the announcement.
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