Chinese tech stocks are taking a beating on Tuesday as investors worry about additional restrictions from the country’s government.
China has been letting technology companies run on their own for some time, but now the government is starting to reign them in. Begining in 2020, it started to introduce stricter regulations for these types of business.
Some of the changes include reduced fees for users that could end up impacting earnings reports. We’re going to see if that’s the case soon as some of the biggest tech companies in the country prepare to release earnings reports, Bloomberg notes.
Included in today’s news are checks for Jack Ma’s Ant. These checks are coming at the request of the Chinese government and seek to sniff out ties to Ant. This comes after an IPO for Ant was rejected in late 2020 by regulators.
Let’s take a look at how this news is affecting Chinese stocks below!
Chinese Stocks Falling on Tuesday
- Alibaba (NYSE:BABA) stock starts us off with shares of the e-commerce company falling more than 5% as of Tuesday morning.
- Tencent (OTCMKTS:TCEHY) shares are up next as the entertainment company’s stock takes an over 3% beating in morning trading.
- JD.Com (NASDAQ:JD) stock joins our list with shares of the e-commerce company falling more than 2% as of this writing.
- Pinduoduo (NASDAQ:PDD) shares close out our list of Chinese stock slipping today as the agriculture tech platform’s stock drops over 3%.
There is plenty of other stock news to dive into outside of China below!
We’ve got all the latest stock coverage that investors need to know about for Tuesday! Among that is what’s happening with Ocugen (NASDAQ:OCGN) stock, a new deal for SoFi Technologies (NASDAQ:SOFI), as well as the biggest pre-market stock movers for this morning. You can find all of this data, and more, at the following links!
More Tuesday Stock Market News
- OCGN Stock Alert: Why Is Ocugen Heating Up Today?
- SOFI Stock Alert: 8 Things to Know About SoFi’s Latest Big Banking Deal
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.