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China’s clampdown on Internet industry has cost tech giants $200 billion

November 11, 2020

Via: Fortune

Chinese technology shares tumbled for a second day after Beijing clamped down on the internet industry, wiping out more than $200 billion of value.

The Hang Seng Tech Index slumped 5.3% on Wednesday in Hong Kong, taking its two-day loss to almost 10%. Shares of Alibaba Group Holding Ltd., Tencent Holdings Ltd., Inc., Meituan and Xiaomi Corp. sank at least 8% over two days after the Communist Party unveiled regulations to root out monopolistic practices in the internet industry.

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