Gaming shares slide after China puts limits on kids playing online games August 31, 2021 China’s new rules forbidding under-18s from playing online games for more than three hours per week to curb youth video game addiction. China’s National Press and Publication Administration announced yesterday that gamers under 18 are only allowed to play online between 8-9 pm on Fridays, weekends and holidays. The authorities have instructed gaming companies to [...]
Tech crackdown: China proposes banning local sensitive data firms from US IPOs August 27, 2021 China has turned its attention to the US stock market amid its tech sector crackdown, according to reports, by suggesting new rules that ban sensitive data firms from listing. The new rules target internet companies, but the China Securities Regulatory Commission, its local market watchdog, has said that those in the pharmaceutical industry, are still [...]
Brazil’s Buffett-backed Nubank eyes $55bn valuation ahead of US IPO August 26, 2021 Brazil’s digital bank Nubank is reportedly eyeing a $55.4bn valuation ahead of its initial public offering (IPO), as Brazilians look beyond traditional lenders. If Brazil’s most prominent digital bank is listed at a market cap greater than its largest tradition bank Itau Unibanco, Nubank would shoot up the ranks towards international high flyers like the [...]
Pinduoduo shoot up 22 per cent after donating £1bn to Chinese agriculture sector August 25, 2021 Chinese e-commerce group Pinduoduo said it would donate RMB 10bn (£1.12bn) in future earnings to contribute to the development of agriculture as part of the country’s “common prosperity” vision. Shares for the Nasdaq-listed company were up 22 per cent following the announcement of the programme. Pinduoduo reported its first-ever quarterly profits as a public company [...]
Alibaba shares sink to record low as China regulations on tech continues August 19, 2021 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 [...]
Chinese tech shares drop after Beijing tightens rules on internet competition August 17, 2021 China has marked its latest crackdown on the technology sector as the authorities announced new rules today to tackle unfair internet competition and companies’ handling critical data. The State Administration for Market Regulation (SAMR) published a set of draft regulations banning unfair competition and restricting the use of user data. Shares of Chinese tech companies [...]
Crackdown fears: Tencent-backed videogame maker sees shares drop 20 per cent in debut August 10, 2021 Videogame maker Krafton has watched its highly anticipated initial public offering collapse 20 per cent in its debut, as it was rocked by fears of a gaming crackdown across the pond. After securing a $3.8bn initial public offering (IPO), South Korea’s largest in over a decade, Tencent-backed Krafton became the first stock debut to fall [...]
Chinese dairy manufacturer shares tumbled amid Beijing’s crackdown fears August 9, 2021 Infant formula milk makers have joined the growing list of stocks hurt by Beijing’s regulatory risk after state media urged supervision of milk powder marketing. Chinese state-run Xinhua Agency reported last Thursday that some experts have been concerned about the marketing of infant formula milk that made mothers choose milk powder over breastfeeding, urging the [...]
Chinese tech tycoons lose $87bn amid Beijing crackdown August 9, 2021 A crackdown on Chinese tech giants by regulators in Beijing is estimated to have wiped $87bn (£63bn) off the personal fortunes of tycoons such as Alibaba’s Jack Ma in the last month alone. Authorities have launched a fierce campaign against some of the country’s biggest tech firms amid concerns about their escalating power, sparking sharp [...]
Tech firm NetEase pulls $1bn Cloud Village IPO after Beijing’s attack on gaming August 9, 2021 Chinese technology firm NetEase has put a pin in its $1bn Hong Kong listing for its music streaming service Cloud Village due to recent volatility in the tech market, according to reports. The initial public offering (IPO) had already been approved by the Hong Kong Stock Exchange’s listing committee, according to filings lodged with the exchange. [...]