Daily Times
July 27, 2021
JP Morgan Chase analysts said it was uncertain whether firms could continue to be traded on stock markets under the new regime, adding that “in our view, this makes these stocks virtually un-investable”. New Oriental Education and Technology Group crashed 40 percent in Hong Kong, having dived a similar amount on Friday as speculation about the move circulated on social media.
Its New York-listed shares collapsed 54 percent. Koolearn Technology dived more than 30 percent and China Maple Leaf Educational Systems shed 16 percent. Tech firms also took a hit in response to Beijing’s latest moves against the sector as it told Tencent to relinquish its exclusive music label rights, saying the firm had violated antitrust laws. Tencent bought a majority stake in rival China Music Group in 2016, effectively controlling more than 80 percent of exclusively held music streaming rights domestically, the State Administration for Market Regulation said in a stateme
Indian Morning Briefing: Asian Markets Mostly Lower at Start of the Week
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Hong Kong Stocks Lead Asia Sell-off As China Tuition Reforms Bite
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Most Asian markets fall as traders struggle to track Wall St record
Issued on:
26/07/2021 - 05:06 Bitcoin is enjoying a recovery, rallying close to $40,000 after tycoon Elon Musk reiterated his backing for the digital unit Marco BELLO AFP 4 min
Hong Kong (AFP)
Markets in Asia mostly fell Monday morning, led by Hong Kong after Beijing at the weekend further cracked down on China s tech firms, while education firms were hammered as the government unveiled sweeping reforms of the sector.
The broad losses across the region came as traders continued to fret over the fast spread of the Delta coronavirus variant, which has sent infections spiking and forced some governments to reimpose economically painful lockdowns or other containment measures.
Hong Kong stocks lead Asia sell-off as China tuition reforms bite | Money
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