June 25, 2024

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Latest technological developments

Hong Kong shares drop, dragged lessen by tech on most current crackdown

SHANGHAI, Sept 13 (Reuters) – Hong Kong shares concluded down on Monday, dragged reduced by internet giants next a slew of moves by Beijing to crack down on the country’s technologies sector.

The Hang Seng index fell 1.5%, to 25,813.81, while the China Enterprises Index dropped 1.6%, to 9,238.99 points.

** Shares of tech giants Meituan, Alibaba Team and Tencent Holdings dropped 4.5%, 4.2% and 2.5%, respectively.

** The most current moves in Beijing’s crackdown involve telling delivery and experience-hailing companies to improved guard workers, breaking up Ant’s Alipay and forcing generation of individual financial loans application, and telling web giants to halt blocking each and every other’s site inbound links from their platforms.

** Chinese workplace developer SOHO China tumbled 35% in its greatest daily fall considering the fact that listing much more than 14 yrs back after Blackstone Team Inc BX.N scrapped a $3 takeover deal.

** Electric powered automobile (EV) companies BYD Co Ltd and Xpeng Inc finished down 2.1% and 2.4%, respectively, immediately after China’s Industry and Facts Technology Minister reported the region experienced “too many” EV makers and the federal government would stimulate consolidation.

** Indebted developer China Evergrande Team plunged 6.9% on report of payments suspension and delay.

** The vitality sub-index jumped 3.8%, the most significant daily obtain in 4 months.

** Shares of PetroChina Co, CNOOC Ltd, and China Petroleum & Chemical Corp received around 2%, as oil price ranges rose to one particular-week high as considerations in excess of shut output in the United States supported the market.

Reporting by the Shanghai Newsroom Editing by Edmund Blair