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China s crackdown on its biggest companies Issued on: 29/07/2021 - 05:52 Tech titan Tencent is among the many companies swept up in China s crackdown across multiple industries NOEL CELIS AFP/File 5 min Beijing (AFP) With market-trembling new rules and investigations, Beijing s crackdown on its most prominent companies has seeped into nearly every aspect of modern life, wiping billions of dollars from Chinese and Hong Kong-listed stocks and bamboozling investment sages. From after-school tutoring to music streaming apps, and shopping to bike-sharing, stellar firms have been hit as Beijing tightens the leash on corporations, citing national security and antitrust concerns. Whether motivated by the control reflexes of the Communist Party or to avoid market contortions hurting the pockets and safety of the Chinese public, few expect this to be the end of the crackdown.

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