{"id":308414,"date":"2021-07-26T17:17:03","date_gmt":"2021-07-26T14:17:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinese-stocks-extend-losses-amid-crackdown-from-beijing\/"},"modified":"2021-07-26T17:17:03","modified_gmt":"2021-07-26T14:17:03","slug":"chinese-stocks-extend-losses-amid-crackdown-from-beijing","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinese-stocks-extend-losses-amid-crackdown-from-beijing\/","title":{"rendered":"#Chinese stocks extend losses amid crackdown from Beijing"},"content":{"rendered":"

“#Chinese stocks extend losses amid crackdown from Beijing<\/strong>”<\/p>\n

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Chinese stocks extended their recent losses Monday morning amid a renewed crackdown from Beijing that hit education and music-streaming companies. <\/p>\n

Chinese tutoring companies were among the hardest hit with shares of NYSE-listed TAL Education down almost 24 percent in premarket trading, extending losses from last week. <\/p>\n

The stock\u2019s now trading at about $4.60 per share, down from more than $20 per share just last week.<\/p>\n

And NYSE-listed shares of New Oriental Education fell more than 24 percent in premarket trading Monday, also extending losses of more than 50 percent on Friday.<\/p>\n

The losses come after Beijing over the weekend issued a couple of new edicts targeting their homegrown tech companies.<\/p>\n

Chinese financial news<\/a> site Caixin\u00a0reported Friday<\/a> that new government restrictions\u00a0on the education sector were starting to be implemented in Beijing and other major cities across the country.<\/p>\n

\"Hang
The losses come after Beijing issued a couple of new edicts targeting local tech companies.<\/figcaption>
Google Finance<\/span><\/figcaption><\/figure>\n

Copies of the policy document that circulated online showed that educational-training companies are banned from raising money through stock listings under the rules. The document noted that exisinting violations must be addressed.<\/p>\n

The document was dated July 19 and was issued by China\u2019s State Council and the Chinese Communist Party\u2019s central committee.<\/p>\n

Separately, on Saturday, China\u2019s State Administration for Market Regulation ordered\u00a0Chinese tech giant Tencent\u00a0to give up its exclusive music licensing rights and slapp<\/a>ed the company with a minor fine for anti-competitive behavior<\/p>\n

Hong Kong-listed shares of\u00a0Tencent\u00a0dropped more than 11 percent on Monday as investors reacted to the news. <\/p>\n

\"A
Shares of New Oriental Education fell more than 24 percent in premarket trading Monday.<\/figcaption>
NurPhoto via Getty Images<\/span><\/figcaption><\/figure>\n

The latest bout of regulations comes amid a broader crackdown by Beijing as the government tries to reel in its tech companies, which have become increasingly powerful in recent years and begun to list their shares on US exchanges.<\/p>\n

Shares of other Chinese companies that were not targeted by the most recent orders also fell as investors sought to anticipate further regulatory action.<\/p>\n

New York Stock Exchange-listed shares of Alibaba slipped more than 3 percent in premarket trading Monday while shares of food-delivery giant Meituan\u00a0fell more than 13 percent.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Chinese stocks extend losses amid crackdown from Beijing” Chinese stocks extended their recent losses Monday morning amid a renewed crackdown from Beijing that hit education and music-streaming companies. Chinese tutoring companies were among the hardest hit with shares of NYSE-listed TAL Education down almost 24 percent in premarket trading, extending losses from last week. The…<\/p>\n","protected":false},"author":1,"featured_media":308415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/07\/china-markets-56.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[112822,4973,70934,70359],"class_list":["post-308414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-26-21","tag-china","tag-regulation","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/308414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=308414"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/308414\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/308415"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=308414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=308414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=308414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}