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Deepti Sri · · 1 min readKuaishou shares slide 12% amid Chinese crackdown on internet giants
“Kuaishou Technology plummeted almost 12% after an influential state-backed newspaper urged tighter regulation of internet video content, the latest in a string of pronouncements from government-controlled media calling for a crackdown on online industries,” Bloomberg reported.
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
Editing by Miguel Cordon and Jaclyn Tiu
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