Following Friday’s report that Didi might delist and the SEC outlining how they will enforce the Holding Foreign Companies Accountable Act (HFCAA), the China Securities Regulatory Commission (CSRC), China’s SEC, responded on Sunday.
Oil Prices Surge To Three-Year Highs After Hurricanes And Unexpected Demand—How Much Higher Can They Go?Is China trying to kill its technology leaders? Since nearly 1/3 of all retail sales take place online, I have long been skeptical of this argument. The CSRC stated that recent regulations “…are aimed at limiting monopolistic practices, protecting SMEs, safeguarding the security of data and personal information, and preventing the disorderly expansion of capital.
Asian equities had a rough night as growth stocks were hit especially hard as Hong Kong and India underperformed following the US’ market swoon on Friday. Hong Kong-listed internet stocks were off but were not down as much as they were on Friday in the US. For instance, Alibaba US was down -8.2% on Friday though Alibaba HK was down only -5.6% today.
Japan’s Softbank had a rough night, falling -8.2% as its investments in Didi and Alibaba have been under pressure while overnight news that the FTC will block their sale of semiconductor company Arm to Nvidia added to its issues. Financials and real estate were areas of strength in Hong Kong and China as the market anticipated the bank RRR cut announced after the market’s close.
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