Kuaishou shares slide 12% amid Chinese crackdown on internet giants

Details:

• Kuaishou shares dipped to a low of HK$78.60 (US$10.11) apiece, underscoring investor concerns over a widening clampdown on Chinese online firms.
• The company shed 15% of its value on Thursday after People’s Daily, the official newspaper of the Chinese Communist Party, said in a commentary that Beijing should step up oversight of online platforms.

Dive deeper:

• Kuaishou joins a growing number of Chinese firms like Tencent – whose CEO recently lost US$14 billion – that are feeling the heat amid government crackdowns.
• Recently, The Securities Times, a state-owned newspaper, also said that local governments should drop incentives for gaming companies to encourage the development of a domestic software industry.

Currency converted from US dollar to Hong Kong dollar: US$1 = HK$7.78