September 17, 2021

Hong Kong shares fall on Beijing’s latest tech crackdown; China mixed

SHANGHAI, Sept 13 (Reuters) – Hong Kong and China shares fell on Monday, dragged by internet giants following a slew of moves by Beijing to crack down on the country’s technology sector.

Chinese blue-chips were also pressured after new bank loans in August missed forecasts.

The Hang Seng index dropped 2.0% to 25,686.91. The Hong Kong China Enterprises Index lost 2.0% to 9,199.11.

The CSI300 index fell 0.4% to 4,991.62 at the end of the morning session, while the Shanghai Composite Index gained 0.1%, to 3,706.73 points.

** Shares of tech giants Meituan, Alibaba Group and Tencent Holdings slumped 6.3%, 4.5% and 3.7%, respectively.

** The latest moves in Beijing’s crackdown include telling delivery and ride-hailing firms to better protect workers, breaking up Ant’s Alipay and forcing creation of separate loans app, and telling internet giants to stop blocking each other’s website…

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